Consumers with bank accounts are four times more likely to use mobile apps from their primary financial institutions than from other sources, according to an FIS survey.
The 2013 Target data breach settlement has been finalized.
Following a flurry of activity among banks entering the GPR card market in 2011 and 2012—Chase, U.S. Bank, BB&T and more—the prepaid industry hasn’t seen as much competition from banks issuing their own consumer-facing prepaid cards. That changed today.
New York Stock Exchange (NYSE) has launched its new integrated trading technology platform, NYSE Pillar. The new platform enables NYSE participants to connect to all of its equities and options markets using a single specification. The new platform is underpinned by a matching engine – the core exchange software that runs trading – developed by […]
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time. Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships. Ripple offers […]
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. This is Part 2 of Art’s article. Click here to read […]
Harvest Capital Strategies LLC began a public campaign to change Green Dot leadership in January.
The launch of MasterCard Humanitarian Aid Solutions leverages several of the network’s existing platforms to enable recipients to access funds and other forms of aid via a single card.
The Curve card functions as a prepaid MasterCard, which acts as a conduit for payment from the chosen card. A companion mobile app provides account management, transaction history and other functions.
Data provisions for access to accounts in the PSD2 likely will spark the launch of new payment and fintech firms to handle the new data demands from consumers and to create new products, according to presenters.
The scam indicates that card-present fraud is still very real. The incident reportedly took place on May 15 and involved data stolen from South Africa-based Standard Bank.
Debit cards are on track to topple cash in 2021, when they will take over as the UK’s most frequently used payment method, according to trade association Payments UK. In its report, “UK Payment Markets 2016”, which looks at current and future payment behaviour in the UK, it reveals over 72,000 payments were made every […]
Skipton International, an offshore bank based in Guernsey (Channel Islands), is understood to be looking for a new core banking system. Skipton International was set up in the mid-1990s. It offers a range of offshore savings accounts and mortgages. Banking Technology understands that the bank is looking at Temenos’ T24 core banking system. On the […]
India-based provider of e-learning and change management software Gieom Business Solutions has become a Temenos certified fintech provider for “operational efficiency and regulatory compliance”. Gieom’s cloud-based platform will now be available on Temenos’ MarketPlace store that can be accessed by over 2,000 customers of Temenos and its subsidiaries. The announcement was made at Temenos’ annual […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
UK-based start-up Kerv and its payments ring won the Innovation Jam at the Temenos Community Forum (TCF) 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. About 1,200 delegates were at the event and part 1 of our review looked at Temenos’ ambitions in the US. The event enables customers, potential customers, […]
Despite reports in American Banker and the Los Angeles Times claiming that Walmart MoneyCards issued by Green Dot Bank were being declined at ATMs and points of sale starting Monday, May 16, Green Dot says the problem from a processor conversion was related to accessing balance information online and via IVR.
Temenos is going all out in its plans to grow its US market share with a top 25 bank expected to implement the T24 core banking system soon. About 1,200 delegates were at the Temenos Community Forum 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. The event enabled vendors, potential vendors, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Android Pay now in the UK; Australia and Singapore are next Coming to a country near you… possibly. Vietnam’s Tien Phong Bank stops attempted fraud through Swift system Stop! In the name of the law. Sydney Stock Exchange […]
The World Bank Group is implementing the AC Plus data management platform supplied by specialist vendor Asset Control. AC Plus will underpin the World Bank Group’s Market Data Review solution, for creating and storing a “golden copy” of market data, explains Asset Control. AC Plus will replace a legacy in-house system. Robert O’Boyle, MD for […]
The prepaid industry will be playing the waiting game a while longer. The CFPB’s final rule for prepaid accounts has been pushed back to a summer release, according to the agency’s latest rulemaking agenda.
How does the prepaid industry measure up? As fees decline and functionality increases, CFSI grades prepaid and anticipates its evolution. Are you ready to compete with next-generation providers?
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Consumers are ahead in digital payment adoption compared with businesses, and—despite significant prepaid program success in the B2C market—paper checks still dominate. Aside from the obvious benefits of cutting expenses and removing inefficiency, prepaid cards offer businesses an opportunity to leverage payments to drive customer loyalty and engagement.
Digital disruption has made its mark, changing how consumers interact with and consume banking services. For banks there is no way back from digital. A new landscape has been forged and they must find their place within this new operating environment. Ever evolving consumer needs, the curse of legacy systems, the relentless march of fintechs […]
UK-based RISE Financial Technologies claims to be “the first technology firm to launch the second generation of blockchain for the post-trade sector”. The solution is now undergoing testing with a number f banks, custodians and CSDs. The results will be published in H2 2016. RISE develops multi-asset class, multi-currency distributed financial ledger technology for the […]
Unisys, Sandstone Technology and Payment Card Technologies (PCT) are bringing to market a new digital banking solution. The solution, called USP, will consist of the “best of breed” products from each vendor, all “seamlessly” integrated. USP is aimed at new market entrants and established players. The participating vendors describe it as “cost-effective”. It will support […]
In the midst of a contentious proxy fight leading up to the May 23 shareholders’ meeting, Green Dot Chairman and CEO Steve Streit spoke with Paybefore about Harvest Capital’s concerns, how he sees Green Dot’s position in the market and when he’d show himself the door.
With excitement often comes confusion, and that was true Tuesday at the Shoptalk conference in Las Vegas, where executives offered an optimistic view of the future of commerce and payments, albeit a vision that carried more than a bit of uncertainty.
At Shoptalk in Las Vegas this week, young companies showcased their contributions to the evolution of commerce and experts discussed how retailers and payments providers can attract the coveted millennial shopper.
SEC head Mary Jo White called cybercrime the biggest threat to the world’s financial markets. Speaking at the Reuters Financial Regulation Summit in Washington, D.C., this week, White said that some major financial exchanges, dark pools and clearing houses lack defenses that are up to the challenge presented by today’s increasingly sophisticated cybercriminals.
UK-based investment company Standard Life and ING’s Australian subsidiary are working with IBM on a range of digital and data management initiatives. Standard Life: it’s personal Standard Life is personalising its financial services capabilities “to each of its 3.8 million UK customers”, IBM states. Using IBM’s analytics tools Standard Life “can accurately track a person’s […]
Capital One UK is inviting fintech start-ups to join its newly launched Capital One Growth Labs – “an accelerator programme for early-stage start-up and high-growth companies”. The initiative is supported by technology investor L Marks. The aim, states Chris Owen, programme leader, is to discover and partner with the new fintech talent and “and unlock the truly […]
Retailer consortium MCX said it will postpone the rollout of its CurrentC mobile payments service and shift its focus to partnering with financial institutions. Results from its pilot in Columbus, Ohio, led to the strategy move as well as the decision to cut about 30 jobs.
Can you imagine a world where check-in matters more than checkout when it comes to payments? Some of world’s leading payment experts can, and their ideas, presented this week at the Shoptalk conference in Las Vegas, foreshadow how consumers might buy products in the coming years.
Well, this might hurt: Only 25 percent of U.S. consumers trust banking Websites, and 23 percent of consumers point to POS systems as the top device for fraud risk.
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements. Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”. Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), […]
In the past 2 years alone, large global banks have been fined more than $3Bn in fines for breaches of AML and CDD. As a result, global regulators have heightened the scrutiny of AML programs. Compliance Officers are seeking enhanced functions and improved processes from their KYC programs. Some of their key challenges include: Lack […]
Italy’s Banca Popolare di Sondrio and Helpline have implemented NICE’s Robotic Automation solutions for loan approvals and credit card fraud prevention. Banca Popolare di Sondrio, which has 350 branches across the country, decided to implement NICE Robotics to speed up its online loan and credit approvals process. As a result, NICE says average handle time […]
