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Money20/20: Blackhawk’s Roche on Harnessing Brand Power

Payments are moving up the value stream and becoming an engagement platform, moving beyond the transfer and settlement of funds to more deeply connect a consumer and brand. In this environment, payment providers—including those in the gifting and rewards verticals—can leverage the popularity of other brands to improve their own value and stand out from the pack. Those were among the main takeaways from a Money20/20 keynote from Talbott Roche, president and CEO, Blackhawk Network.

Money20/20: Walmart Pay Lessons Learned—and the Road ahead

With Walmart Pay showing strong growth since launching earlier this year, Walmart’s Daniel Eckert—one of the main architects of the service—provided some insights into the motivation behind creating Walmart Pay and what’s in store for the service. Speaking in a Tuesday afternoon session at Money20/20 in Las Vegas, Eckert characterized Walmart Pay as an effort to improve the checkout experience in particular.

TSYS Signs on as Processor for Optal’s Virtual Card Payments

TSYS will be processing payment authorizations for Optal Financial Ltd.’s virtual card payments business, according to an Oct. 26 announcement. London-based Optal is a global provider of B2B payments services, including virtual account numbers, and is one of Europe’s biggest virtual card issuers, according to the companies.

Co-op turns cop in ATM crime coup

The UK-based Co-op has teamed up with forensic technology company SmartWater to roll-out a new deterrent linking criminals back to the scene of an ATM crime. In a “first of its kind”, SmartWater have adapted their dispersal technology to ensure that both the criminals and the stolen cash are marked, regardless of how the ATM […]

SETL blockchain powers Cobalt’s FX post trade

London-based blockchain firm SETL and Cobalt DL, a private peer-to-peer network, have teamed up to use SETL’s OpenCSD within the Cobalt FX post trade platform. The service is set to launch in 2017, with 15 institutional FX participants “already committed” to the service. Earlier this year, SETL unveiled the OpenCSD platform, its first commercial offering, […]

BBVA favours Amazon Web Services for cloud drive

BBVA has reached a global agreement with Amazon Web Services (AWS) as it looks to cloud computing to boost its digital banking services. The agreement, which is part of a series of accords that the group is making with providers, turns AWS into its “preferred” cloud infrastructure services provider. AWS will execute the migration of […]

Bank of America to launch AI chatbot

Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances. Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all […]

Money20/20: PayPal COO on Facebook Messenger Integration, Contextual Commerce

Fresh off announcing a plan to bring PayPal payments to Facebook Messenger, PayPal Inc. Chief Operating Officer Bill Ready said the move was part of the company’s larger push to serve what he called “contextual commerce”—enabling mobile payments to take place in areas outside of the traditional checkout environment.

Mastercard, BofA Employing Bots to Enhance Customer Service

The rise of chat bots in financial services and payments continues with announcements this week from Mastercard and Bank of America that each company will be introducing similar technology. Mastercard is launching a bot for client banks’ and merchants’ customers and BofA’s bot, which it says is more of an “assistant” will service its banking customers.

RGCA Survey: Consumers Are Getting Smarter about Gift Cards

Consumers are getting savvy to the myriad ways gift cards can be used, given, stored and obtained. For example, though 46 percent of consumers surveyed still prefer to hand cashiers a physical gift card, nearly 14 percent would rather load, store and redeem gift cards using a mobile wallet, and 40 percent of respondents were amenable to using mobile or plastic methods, according to a survey released Oct. 24 by the Retail Gift Card Association.

CBA and Wells Fargo in “world-first” interbank blockchain trade transaction

Commonwealth Bank of Australia (CBA), Wells Fargo and trading firm Brighann Cotton have completed the “first” global trade transaction between two banks using blockchain, smart contracts and the Internet of Things (IoT). The transaction involved a shipment of cotton from Texas to Qingdao, China, using a distributed ledger – Skuchain’s Brackets system – for all […]

Dassault Systemes unveils seven finalists for KYC/AML start-up challenge

French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]

Envestnet Yodlee extends tie-up with Backbase, unveils updates

Envestnet Yodlee has extended its partnership with omnichannel banking specialist Backbase. The two companies have been collaborating for some time. With the new agreement, Backbase will be providing its customers with integrations to the Envestnet Yodlee data aggregation platform.

Money20/20: Cordray Says CFPB No Foe of Fintech

Those seeking to innovate in the financial services sector might view the CFPB as more of an obstacle than a partner. But bureau Director Richard Cordray sees the consumer protection watchdog as very much a friend of fintech. During a keynote session capping the opening day of Money20/20 in Las Vegas, Cordray said the CFPB and regulated fintech providers can learn a lot from each other.

InComm Taps Mastercard Vet for Leadership Role

Matt Lanford will join Atlanta-based prepaid product and technology company InComm as senior vice president and general manager, overseeing its financial services team, effective Oct. 31. Lanford, who has held numerous leadership roles at Mastercard in the U.S. and in Europe, will take the lead in expanding InComm’s consumer-facing Vanilla brand of gift and GPR products.

R3 blockchain code goes open source

R3 has made its blockchain platform’s code publicly available as it seeks to make it an industry standard. The Corda platform has been developed by R3’s consortium, which comprises more than 60 financial institutions around the world (the latest addition is Synchrony Financial – the first credit card company to join the consortium). “We want […]

Mobile

Is your mobile banking app causing more harm than good?

Without the right digital strategy, small and midsize banks risk ceding built-in advantages to larger competitors. Below is a step-by-step guide on how to successfully move into the digital realm and retain customer engagement (and sales). Mobile banking has become an imperative for retail bankers looking to keep pace with the industry and satisfy customers’ needs. It […]

Ingo Money and Visa push B2C push payments

Ingo Money is teaming up with Visa again, this time to enable corporations, merchants, financial institutions and governments to make payments directly to more than 4 billion consumer prepaid, debit and credit cards, and mobile wallet accounts.

’Tis Almost the Time of Year for Gift Card Cheer

Here’s a shocker: Gift cards will be a popular item during the holidays and a bright spot for retail sales. New survey stats released Oct. 20 from InComm show that 95 percent of consumers expect to give two or more gift cards this year, a slight increase from last year.

Payments round-up: 21 October 2016

Jargon defeated. Unnecessary words deleted. A brief payments round-up. LeFinance, a division of Beijing-based tech firm LeEco, has partnered with the Stellar Development Foundation for cross-border payments on the latter’s blockchain network. The deal means Stellar expands into China. LeFinance will also use Stellar’s network to monitor credits for usage across their various devices and […]

Wipro goes API

Wipro to buy cloud firm Appirio

IT services integrator Wipro has signed a definitive agreement to acquire US-based Appirio, a cloud services company, for $500 million. With the acquisition, Wipro will get Topcoder, a crowdsourcing marketplace for designers, developers and data scientists; and expand its cloud offerings. Abidali Neemuchwala, CEO and member of the board at Wipro, says it will “consolidate” […]

Top fintech stories this week – 21 October 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland in major tech revamp EXCLUSIVE. Accenture and Capgemini working on Project Omega. Trouble in the R3 paradise? Thinking about time and money. Millions at risk from India ATM hack Debit cards in danger due to […]

R3 and Ripple trial interbank cross-border payments

R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]

FDIC Study: Unbanked Rate Drops; Prepaid, Mobile on Rise

The number of households without bank accounts fell to its lowest level since the FDIC first began conducting its biannual survey in 2009. Seven percent of U.S. households were unbanked last year, according to the FDIC’s 2015 National Survey of Unbanked and Underbanked Households, released Oct. 20.

Big deals power Temenos profit and revenue rise

Big deals power Temenos profit and revenue rise

Temenos has reported a growth in total quarterly revenues by 9% and profit by 17% on the back of major banking tech revamps. For its third quarter 2016 results, IFRS revenue for the quarter was $160.6 million, up from $145 million in Q3 2015. Non-IFRS revenue was $160.8 million for the quarter, up from $148.9 […]

Banking Technology October 2016 issue out now

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

Payments round-up: 20 October 2016

Words cut. Time saved. A round-up of key events in the payments enclave. Azimo, the money transfer service, has launched a new version of its mobile app for Apple and Android users. On the iPhone, the app will allow users to transfer money through the voice-activated Siri system. Customers can transfer money by telling Siri […]

Wirecard Launches Prepaid—and Supervised—Mobile Payments for Teens

Wirecard AG and Orange have launched a parent-supervised, prepaid mobile payment service for teenagers called Orange Cash Jeune. Parents go online to create an account for their children who are younger than 18, signing up via the Web interface of Orange Cash before the app is installed on their children’s smartphones.

FIS Launches Mobile Payments Platform for Gas Stations

A new mobile payments platform from FIS aims to make shopping easier for consumers at gas stations and convenience stores. Called BuyWay, the technology “unites all points of contact within a transaction to deliver seamless, secure, personalized shopping experiences at thousands of gas stations and convenience stores across the nation,” FIS said this week.

Reports: Retailers Must Up Their Game to Compete in Apps Battle

Despite the 60 percent growth of mobile e-commerce to $120 billion in 2015 from 2014, many merchants are doing little to sway consumers to use their apps versus using a mobile browser, according to a Javelin study. Last year, consumers’ purchases via Web browser totaled $75.3 billion, while retailer apps accounted for just less than $47 billion.

Shake Shack Cooks Up Mobile Ordering Service

Experiments with mobile order-ahead continue to be on the menu for many companies in the fast-casual dining vertical, with popular burger chain Shake Shack launching a test run of the service this week as part of its first-ever app. At the moment, the order-ahead function only works at one Shake Shack location, in midtown Manhattan, which the company said will serve as a market test for the service before rolling it out to “additional markets.”

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