Federal Agencies Issue Guidance on Prepaid CIP
Federal financial institution regulatory agencies on March 21 issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks.
Federal financial institution regulatory agencies on March 21 issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks.
Speakers at the All Payments Expo in New Orleans report significant gains for the anti-fraud technology. But terminals represent a significant speed bump.
Experts at the All Payments Expo talk up gift cards, and give advice on how to sell programs to superiors. They also set their sights on digital gift cards.
Hong Kong start-up Neat is setting its sights on the millennials’ market and will let customers open a payment account with a selfie. Neat founder David Rosa, a former MD at Citi, says the app and payment card will use facial recognition technology to confirm the holder’s Hong Kong identification card is correct. It’s not […]
IFINTEC Finance Technologies Conference and Exhibition (www.ifintec.com) will be held on 12-13 April 2016 in Istanbul, Turkey. IFINTEC is a dedicated conference focusing on banking solutions and finance technologies. IFINTEC is one of the biggest events in EMEA region in its category. Sponsorship and delegate registrations are open. The last day for sponsorship registration is […]
Data providers IHS and Markit have agreed an all-share merger of equals, with the transaction expected to close in the second half of 2016. The “implied” equity value of the transaction is more than $13 billion and the deal has been “unanimously approved” by the board of directors of each company. Jerre Stead, IHS chairman […]
Bitcoin is a cryptocurrency, but the blockchain protocol behind it can be used for a variety of non-currency purposes. People are using the blockchain to develop everything from ride-sharing services to voting applications to cloud storage. This nifty infographics sums up how the blockchain protocol works and how it’s being used. Source: Who is hosting this?
Traditional banking has taken quite a beating in recent years as more and more customers prefer to handle their banking needs digitally rather than be bogged down by paperwork or wait in lines at a physical bank. In a bid to meet developing customer expectations, many banks have begun offering web-related services such as e-deposits, […]
GMEX Group has partnered with Hanoi-based FPT Information System to launch the first derivatives market and “fully integrated” clearing house in Vietnam. The target go-live date is Q4 2016. Both companies will provide the technology, while the Ministry of Finance (MOF) has entrusted the Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) to […]
This webinar will explore how SWIFT supports the community to reduce the overall cost of ISO 20022 adoption and help members adapt to the standard and exploit the business opportunities.
The All Payments Expo kicks off today in New Orleans! If you’re at the show, the exhibit hall opens at 10 a.m. Be sure to stop by and see Paybefore at Booth 201 and visit our 2016 Awards Winners Showcase to learn more about this year’s Pay Awards winners. Then, join us to celebrate the 10th annual Pay Awards at 6:15 p.m. to find out who will win top honors.
Dear Banks, how’s it going? If you’re reading this, you must be on social media, or you’re at least checking the internet. That’s great. I’ve been meaning to write this letter for a long time. The first thing you should know is that I think you’re really important. Sure, I might like to joke about […]
DNB’s “first” peer-to-peer (P2P) mobile payment solution in Norway has become the number one downloaded app in the country. Dubbed “Vipps”, and launched six months ago with Tata Consultancy Services (TCS), it is now used by 25% of Norway’s population. The app is available for use on all mobile devices and it allows short chat […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Deutsche Börse and LSE to merge Two hearts beat as one. D+H Corporation joins US real-time payments rush Catches up with rivals FIS and Jack Henry. Deutsche Bank and Bank of China partner for cash management Becomes first […]
Technology is the most important agent of change today; hardly any industry is immune to both its value-creating and disruptive potential. However, in an April 2011 survey of corporate directors by McKinsey Quarterly, more than half said their boards had only one technology-related discussion a year, or none at all. Since then, the situation has […]
Efma, an association of 3,300 retail financial services companies in more than 130 countries, and SAP have launched a new online portal to help banks’ SME-related business. The portal – (unsurprisingly) hailed as “innovative” and “disruptive” by its creators – supports banks in developing new apps for their SME clients and also holds competitions to […]
Liechtensteinische Landesbank (LLB) and its subsidiary LLB Invest have launched an investment advisory solution underpinned by the Avaloq and the swissQuant Group software. LLB Invest uses the Avaloq Banking Suite for its software needs – the solution has been running at LLB since 2008 as its main core banking system. SwissQuant Group provides risk analysis […]
A long-standing user of a host of Misys’ products, The United Bank of Egypt has committed to upgrade to the latest version of software. The project is penned for completion later this year. The bank will upgrade to FusionBanking Equation (core system), FusionBanking Trade Innovation (trade finance) and FusionCapital Opics (treasury and capital markets). It […]
The rise of m-wallets, smartphones and online shopping could be a boon to virtual incentives.
If you’re not analyzing your cardholders’ IVR interactions, you’re missing an opportunity to improve their experiences and engender loyalty. IVR design based on insights from previous interactions is crucial, particularly in prepaid where cardholders rely heavily on customer service.
Smaller banks bent on taking market share from larger rivals can appeal to mobile consumers without going all-in on NFC, at least for now.
Mike Lobanov, partner at Target Global, takes a look at the recent fluctuations in Lending Club’s share price to assess the impact on the peer-to-peer (P2P) industries. The P2P lending platform Lending Club is proudly the largest platform of its kind in the US. Founded in 2007, it successfully raised in excess of $390 million […]
Limitless: Next-Gen Commerce Has No Boundaries; Fighting Fraud: Mobile, EMV, Tax Refunds; Securing Mobile Payments; Former CFPB Lawyer: Coping with the Complaint Database; Record-Breaking IPOs, IoT and More
Deutsche Börse and London Stock Exchange (LSE) have reached agreement on the terms of an all-share merger of “equals”. The deal follows recent speculation about the merger, and New York Stock Exchange owner, Intercontinental Exchange (ICE), saying it may make a rival bid for LSE. The merger will create a Europe-based global markets infrastructure group […]
Poland-based Bank Pocztowy is implementing a new risk management system, OneSumX, supplied by Wolters Kluwer. The solution will support the following areas: asset and liability management (ALM), market risk, liquidity risk, and credit risk (for the Basel III capital charges calculation). The bank will also use Wolters Kluwer to provide funds transfer pricing (FTP) analysis […]
A recent report claiming that heightened anti-tax fraud efforts have led to taxpayers suffering delays in receiving refunds via prepaid cards mischaracterizes the situation, industry observers say.
The hearing followed an announcement from Committee Chairman Reb. Jeb Hensarling (R-Texas) of Republican committee members’ plans to reform financial reform in Washington, including demanding that regulatory agencies undergo a cost-benefit analysis of every regulation.
Banking executives worry the rise of fintech could spell trouble for their institutions, a new report reveals. Conducted by PwC, the survey of 544 CEOs, CIOs and other top managers at financial services providers in 46 countries found that 83 percent of respondents from traditional firms feared disruption caused by new standalone fintech companies could result in the loss of business.
A proposed class-action lawsuit regarding the alleged mishandling of bitcoin accounts in Japan will remain in the U.S., according to a federal court ruling in Chicago this week.
Hackers behind an $81 million theft that involved the U.S. Federal Reserve have cost the leading banking official in Bangladesh his job.
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform. Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”. The implementation has just begun. “Validus is going to bring a […]
Path Solutions is implementing its flagship core banking offering, iMAL, at Summit Bank in Pakistan and Wifack International Bank in Tunisia. The contracts were signed in December and the roll-out is underway. Summit Bank Pakistan-based Summit Bank is implementing iMAL as it looks to grow its Islamic banking presence. Summit Bank was searching for a […]
Even as I am prepping for my next industry event, observations from the last conference I attended continue to permeate my thoughts. The ATMIA US Conference that was held in New Orleans only recently and yet, three items continue to have me thinking about the durability, indeed longevity, of some of the points raised. In […]
The mobile-only bank, set to open for business later this year, integrates technology from a Xerox subsidiary into its mobile banking app.
M&A activity continues apace with cross-border B2B payments firm Payoneer completing its acquisition of escrow services provider Armor Payments. Meanwhile, FinTech Studios, which sells fintech software, has bought iUbble, a 2-year-old company whose own software includes a browser for Web and mobile apps.
The CFPB’s latest Supervisory Highlights report is the first to detail the bureau’s examinations of remittance providers since the agency’s rules governing international money transfers went into effect more than two years ago. Next up, Director Richard Cordray’s semi-annual report to Congress.
Banking Technology is conducting a survey – short and sweet – to find out the banks’ priorities when it comes to treasury software and solutions. How can technology help treasurers cope with the multitude of regulation, business transformation and industry demands? The treasury function plays a pivotal role within a bank, and with great power […]
The introduction of the Fundamental Review of the Trading Book (FRTB) requires a rethink when it comes to risk architecture and data requirements. Xavier Dubois, Wolters Kluwer’s senior risk and finance specialist for EMEA, outlines the key points. There is an area of complete agreement when it comes to examining the potential impact of FRTB – […]
Blackhawk Network has named Anil Aggarwal to the company’s board of directors.
The new design for the online and mobile payments service promises to increase transactions, according to Visa testing.