New Zealand Banks on Faster Payments with SIA
The country’s central bank hires Italy’s SIA to set up a real-time gross settlement system. The move represents the lastest development in the global effort to implement faster payment systems.
The country’s central bank hires Italy’s SIA to set up a real-time gross settlement system. The move represents the lastest development in the global effort to implement faster payment systems.
Doing more with less is an important goal for any business. In the world of banking, an increasingly complex market is driving firms to uncover new ways to deliver cost efficiencies, writes Peter Gould, associate partner at Orbium. Growing competition from specialist providers continues to disrupt the traditional banking model. These firms are using new […]
CIMB Group is celebrating the completion of a major core banking project – to unify its regional operation on a single platform, One Platform (1P). The project spans four countries: Malaysia (where the group’s headquarters are based), Indonesia, Singapore and Thailand. Silverlake Axis, Accenture, IDS Scheer and IBM were the main technology partners. Silverlake’s core […]
US-based developer of CRM and BPM software, Pegasystems, has acquired OpenSpan. The acquisition, says Pegasystems, “brings robotics, analytics and case management together to enable more productive employees and better customer experience”. OpenSpan, based in the US state of Georgia, specialises in robotics process automation and workforce analytics software. The company says it is currently running […]
Kazakhstan’s Halyk Bank has launched a new digital banking subsidiary, Altyn-i, underpinned by the Backbase omnichannel solution. Backbase interfaces to Altyn-i’s core banking system, CBS, from Colvir Software Solutions. The new bank aims to offer a full range of financial services. At present, it offers account opening, debit cards and payment services. Consumer loans, mortgages […]
California-based credit union, Xceed Financial, is merging with fellow Reach Federal Credit Union. The two entities will use Fiserv’s DNA core processing system as their centralised platform. It will be provided on a hosted basis. Xceed is already on the DNA platform, but has been using it in an in-house environment rather than outsourced. Reach […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
Almost half (48%) of SMEs in the UK are frustrated by payments taking too long to reach their bank account, a survey conducted by YouGov on behalf of ACI has found this week. The businesses surveyed also state that these delays are negatively affecting their ability to run their business. A third of the SMEs […]
Central Payments, the payments division at Central Bank of Kansas City (CBKC), recently announced that Brooke Fitts has joined the company as vice president of operations.
Edge Consultancy LLC, a new strategic consulting firm aimed at community banks and credit unions, has added several new consultants and leadership positions, including CEO Kirk Kordeleski, former CEO at Bethpage Credit Union.
MasterCard has appointed Raj Seshadri as president, U.S. Issuers. In this new role, she will be responsible for managing and expanding the company’s partnerships with banks and credit unions across the U.S. market.
OmnyPay, a provider of one-step loyalty rewards and coupon redemption via mobile, announced that former MasterCard senior executive Mung Ki Woo will be joining OmnyPay’s leadership team in the role of chief partnerships and international officer.
Ripplet, a global provider of financial settlement solutions, has hired HSBC alum Marcus Treacher as global head of strategic accounts.
As entrepreneurs recognize the market potential of serving the underbanked, many of the most cutting-edge payments startups are building their products and services around the existing prepaid infrastructure, Center for Financial Services Innovation Managing Director Ryan Falvey told Card Forum attendees this week.
When it comes to mobile wallets, Apple Pay, Samsung Pay and Android Pay garner plenty of headlines. But while the trio of high-profile “—Pays” has finally brought long-awaited consumer attention to mobile wallets at large, are they putting bank issuers at risk of losing control of the payments experience? And, if so, how do FIs fight to stay relevant in the mobile wallet age?
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
The PayToo wallet is targeting unbanked and banked consumers and could serve as an alternative to traditional banking, according to PayToo CEO Michel Poignant.
Wirecard is partnering with CIMB Bank Singapore to provide mobile point of sales (mPOS) card acceptance and banking solutions for clients of POS solution provider Eleos Web. Software till system manufacturer Eleos will use Munich-based Wirecard’s white label solution to “expand” till functionality to incorporate mobile card acceptance. Ong Whee Shiong, MD at Eleos, says […]
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed PDQ ATS for its flagship Validus risk and surveillance platform. PDQ ATS, an independent alternative trading system for equity market participants, will use Eventus’ Validus platform for a centralised look at trading, operations, surveillance, compliance and risk management information for both buy- […]
Chain, a provider of blockchain technology infrastructure, has teamed with Mitsubishi UFJ Financial Group (MUFG) to build blockchain solutions for Japan’s financial sector. Satoshi Murabayashi, CIO, in charge of digital innovation, at MUFG, says it wants to “explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”. […]
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
In a bid to grow its mobile payments business, Indian smartphone maker Micromax has struck a deal with Visa and payment technology provider TranServ. The three companies signed a Memorandum of Understanding under which Micromax handsets will incorporate QR code-based in-store payments service mVisa, as well as TranServ’s Udio mobile wallet app, which enables online and mobile purchases via linked Visa prepaid card.
A little more than two years after its launch into financial services, T-Mobile has confirmed that it’s shuttering its prepaid card program. Citing the competitive marketplace, the carrier is getting out of the business just as the CFPB puts the finishing touches on its prepaid account rulemaking.
A new report says that 70 percent of firms push offers and discounts to consumers through card-linked transactions and nearly half of those firms report transaction growth has doubled in the past year
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
The European Payments Council (EPC) has launched a public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. EPC says the proposed scheme is the “first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments”. […]
Video banking has finally reached inflection point, according to Efma and Vidyo Inc. The two companies have carried out the research, “which uncovered massive support for video banking among financial organisations worldwide”. Nearly 80% of all banks surveyed plan to offer video-enabled banking services. Check out this nifty infographics (courtesy of Efma and Vidyo) on all […]
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
Financial messaging and payment specialist Volante Technologies has inked a partnership agreement with Payfessional, a Turkey-based IT firm. The tie-up will see Payfessional offering Volante’s VolPay suite of payment integration and processing solutions to the Turkish banking market. Payfessional, which focuses on e-payment processing solutions for the financial services industry, will also market the solution […]
The credit monitoring firm says criminals in the U.S. increasingly are targeting non-bank machines and ATM fraud has moved from the coasts into the heartland.
Raphaels Bank releases a white paper that encourages fintech providers to outsource some of the work to access the country’s Faster Payments Scheme.
Cash bill payment specialist PayNearMe is giving taxpayers a new way to pay the IRS without using a bank account or payment card. The company’s new service enables users to make cash tax payments at nearly 7,000 7-Eleven store locations via barcode scan.
2016 Pay Awards winner Ingenico Group has acquired Think&Go NFC, a startup specializing in enabling digital displays to interact with connected objects like smartphones and transit passes. The acquisition is part of Ingenico’s plan to strengthen its omnichannel presence over the next several years.
Estonia-based Bigbank is modernising its credit decisioning and loan origination processes with Provenir. Provenir’s cloud-based solution will reduce time to market, improve efficiency and customer centricity at the bank, says the vendor. Agur Jõgi, chief technology officer at Bigbank, comments that investment in technology will help the bank to achieve the goals of “delighting customers” […]
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
France-based Linedata has taken over fellow investment management software provider, Derivation. Derivation specialises in risk, analytics, and portfolio management solutions to institutional and hedge fund managers. It is based in the UK, employs 20 people and its pro-forma revenue for 2015 is £2 million (€2.5 million). The acquisition has now been completed. Derivation’s products will […]