Belgian banks complete migration to SEPA CSM
The Belgian automated interbank retail payment system has been completely migrated to a new Clearing and Settlement Mechanism developed and operated by French payment processing specialist STET
Worldwide
KBC Bank selects Sentenial SEPA solutions for business clients
KBC Bank has partnered with payment specialist Sentenial to offer the latter’s Origix Corporate payment management solution to the bank’s business clients.
Maurice Cleaves, Barclays, at International Payments Summit 2013
Maurice Cleaves, Barclays, talks to Banking Technology editor David Bannister about the themes that emerged at the International Payments Summit 2013 in London.
CFPB, FDIC Weigh in on Payday, Deposit Advance Loans (April 25, 2013)
Payday and deposit advance loans were in the news today, with a new report from the Consumer Financial Protection Bureau (CFPB) and a Notice of Proposed Guidance from the FDIC each indicating that regulators soon could tighten rules governing short-term credit products. Payday and deposit advance loans can lead to a repeating cycle of indebtedness […]
MasterCard Exec: MasterPass Aims to Help Merchants ‘Differentiate’ in Converging Marketplace (April 25, 2013)
The U.S. rollout this spring of MasterCard’s MasterPass may be quieter than some other product launches because it doesn’t directly target consumers, Ed Olebe, group head, wallet services, emerging payments, MasterCard, said this week at CARTES America in Las Vegas. MasterPass, unveiled earlier this year as the successor to last year’s PayPass Wallet Services and […]
paysafecard Deal with Vindicia Strengthens U.S. Presence (April 25, 2013)
Online merchants using Vindicia’s CashBox SaaS platform are now able to accept paysafecard for digital goods and services, according to paysafecard, a European-based prepaid electronic payment solution provider, with offices in in Vienna, London and New York. “Vindicia is the ideal partner . . . to help us strengthen our footprint in the U.S.,” said […]
Isis Vending Program Going Nationwide (April 25, 2013)
The companies behind the Isis mobile wallet have teamed up with cashless acceptance technology provider USA Technologies (USAT) to launch a mobile payment and loyalty program for vending machines across the U.S. The partnership is an extension of USAT’s involvement in Isis’s test run in Salt Lake City and Austin, Texas, where Isis users can […]
HFT is here to stay says GreySpark report
Despite its negative public perception, high-frequency trading can act as a force for good in capital markets by adding efficiencies that help investors get a better deal – but only if it is properly regulated, according to new research by technology consultancy GreySpark Partners.
Brett King, Moven, at International Payments Summit 2013
Brett King, founder of Moven, speaks to Banking Technology editor David Bannister about how banks have to cope with the move to a virtual world and the emergence of what he calls “smarter payments”.
Plan (TS)B back on as Co-op pulls out of Lloyds branch purchase
Lloyds Banking Group says it is well advanced in plans for the separation of branches that it had hoped to sell to Co-op Bank in compliance with a European Commission ruling following the state aid it was given by the UK government.
CARTES America: U.S. EMV Adoption Brings Consumer ‘Cool Factor’ but Business-Case Challenges (April 24, 2013)
The U.S. EMV migration poses many challenges, but a few issuers and merchants already getting their feet wet with chip-and-PIN conversions told attendees at CARTES America this week that U.S. consumer response to EMV cards so far is positive. The first U.S. commercial bank to roll out EMV cards to its customers in mid-2011, Santa […]
Euronet Subsidiary Launches End-to-End Prepaid Solution in Europe (April 24, 2013)
A subsidiary of Leawood, Kan.-based processor Euronet Worldwide has launched a prepaid card issuing, processing and BIN sponsorship solution in Europe. Euronet 360 Finance Ltd. now is offering electronic money and payment services under the oversight of the U.K. Financial Conduct Authority (FCA). By passporting its e-money license across the Single Euro Payments Area (excluding […]
Boomerang Debuts Online Gifting Service for E-Publishers (April 24, 2013)
Chicago-based social gifting service Boomerang has rolled out a new rewards service aimed at helping online publishers better engage and monetize their users by offering free gift card rewards to online merchants. Boomerang Rewards, an extension of the company’s recently unveiled brand platform, enables online publishers to give customers promotional gift cards to more than […]
Lack of market surveillance systems “significant problem” says IOSCO report
The absence of market surveillance tools in many jurisdictions and regions is “potentially one of the more significant problems facing the markets in light of technological developments, such as the rapid speed of trade execution and increase in order volume”, says the International Organization Of Securities Commissions in its final report on surveillance.
BNP looks to standard Swift messages for improved collateral protection
BNP Paribas Securities Services and Swift are collaborating to enhance the bank’s collateral protection solutions for corporate, buy-side and sell-side clients. The bank has set up “Margin Project”, planning to integrate Swift’s standardised tri-party collateral messages to ensure full compliance with the upcoming regulatory requirements on OTC transaction, mitigation of counterparty risk, asset safety and […]
Standard Chartered chooses Sternby to head up southeast Asia
Standard Chartered has appointed Petter Sternby as head of southeast Asia financial institutions strategic coverage.
CARTES America: China, Europe Driving Strongest Global EMV Card Growth (April 23, 2013)
EMV chip-enabled card growth continued at a healthy clip worldwide last year but China and Europe led demand, according to new data the Smart Payment Association (SPA) released today at the annual CARTES America meeting in Las Vegas. EMV card production overall rose 9 percent last year to 975 million cards, up from 898 million […]
Amex to Issue EMV Corporate Cards in First Half of 2013 (April 23, 2013)
With the switch from magnetic stripe to EMV-equipped payment cards in the U.S. on the horizon, American Express said it will begin issuing corporate cards with chip-and-signature EMV technology within the first half of this year. The new cards will offer enhanced security by using advanced encryption technology that makes it more difficult for unauthorized […]
Fan-Centric Programs Announced on Both Sides of the Pond (April 23, 2013)
StoreFinancial Services has announced a marketing program designed to strengthen the bond between professional sports teams and their fans, as well as ties between team sponsors and their customers. With the Fan Experience Card program, which features a restricted authorization network (RAN) prepaid card that can be redeemed at any merchant inside or outside the […]
SBI Launches Visa-Branded Prepaid Card for Workers, Students (April 23, 2013)
State Bank of India (SBI) has launched a new prepaid card targeted for use by students and blue collar workers, the bank said. The Visa-branded State Bank Smart Payout Card is available at all SBI branches and can be used for POS and online purchases, as well as ATM cash withdrawals. Cards can be loaded […]
Mobile account takeover: when device ID isn’t enough
Protect your transactions! Protect your login! Protect your mobile channel! Protect your end users! A layered security architecture is now standard for most organisations. The problem, however, with many of today’s layered security solutions is that they do not correlate information between the various layers (security risks, suspicious events, fraud indicators etc.) and thus fail to see the big picture.
Swift Innotribe Challenge London selects European finalists
Five finalists have been chosen by Swift’s Innotribe for its Startup Challenge in London, ahead of an international face-off for innovative financial services firms from around the world in Dubai in September.
BATS Chi-X Europe chooses new COO
BATS Chi-X Europe has appointed David Howson, formerly of Equiduct Systems, as its chief operating officer.
Blackhawk Snaps up $230 Million in IPO (April 22, 2013)
Blackhawk Network Holdings Inc. exceeded expectations with its initial public offering launched last week, raising $230 million and bringing its market value based on the IPO price to $1.2 billion. The prepaid card provider and third-party distributor owned by Safeway Inc. priced 10 million of its shares at $23 each, after Blackhawk’s existing shareholders initially […]
CFPB Rules (Almost) No Preemption: Issuers Required to Honor Cards after Funds Escheat to Maine, Tenn. (April 22, 2013)
The industry has been waiting for a possible preemption ruling from the Consumer Financial Protection Bureau (CFPB) since last summer when the agency requested comments on whether certain state laws with a two-year escheat period conflict with federal law that requires no expiration prior to five years. The CFPB has determined that escheat laws in Maine […]
Visa to Bring Mobile Banking Platform to Pakistan (April 22, 2013)
Visa Inc. is set to launch a new mobile financial service in Pakistan built on technology the payment network acquired under its 2011 purchase of mobile banking service provider Fundamo. According to a report on the Website of The Express Tribune of Pakistan, the service will use Visa’s VisaNet electronic payments processing network and will […]
Virgin Australia Joins Airlines Adding Prepaid Card for Frequent Fliers (April 22, 2013)
Virgin Australia is joining a growing number of airlines adding a prepaid travel card as a perk for frequent flier customers. Members of the airline’s Velocity Frequent Flyer program will have the option to upgrade their existing Global Wallet membership card to a contactless Visa prepaid card, enabling customers to load funds onto their cards […]
SIX chief exec calls for industry to educate public about HFT
Market operators have a duty to educate the public about stock markets – and to take widespread concerns about the role of high-frequency traders seriously, according to Christian Katz, chief executive at SIX Swiss Exchange.
Electronic bonds: fixed income trading platforms proliferate
In contrast to the highly automated world of equities, bond trading is an area of the markets that is still heavily reliant on the telephone as a a trading tool, with person-to-person calls making up the bulk of activity on bond desks.
New Bank Payment Obligation standards launched by Swift
Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and […]
Visa Europe Amps up Mobile Payments Service (April 18, 2013)
Visa Europe is adding two new functions to its Personal Payments mobile money transfer service, enabling users to make instant transactions in any European currency. The multi-currency feature will be rolled out across the European Union by the end of this year, Visa Europe said, and will enable payments to be sent and received across […]
MCX Picks Gemalto to Build its Mobile Wallet (April 18, 2013)
The wheels are turning for U.S. merchant consortium MCX, which this week said Netherlands-based Gemalto will build its mobile wallet. MCX, founded last year by major merchants including Wal-Mart Stores Inc., Target Corp. and CVS, altogether counts about 30 merchants as members aiming to create a broad mobile payment app streamlining payment and loyalty options […]
Amazon Program Could Enable ‘Anonymous’ Online Payments (Apr. 18, 2013)
With privacy and security concerns among the most important factors for many online shoppers, a plan by electronic retail giant Amazon could enable consumers to make purchases from third parties without disclosing any personal information to the seller. According to a patent filed by Amazon in 2009 and published earlier this week, the system would […]
New exchanges set out their stalls at TradeTech
The next generation of trading venues went head-to-head on the first day at TradeTech in London– each keen to present its model of how best to match buyers with sellers.
BCBS: getting back to first principles
At first glance, the Basel Committee’s new Principles for stronger banking risk governance appear to represent another huge change management challenge for global institutions.
Alaric hires Jan Rees as account manager
Fraud and payments specialist Alaric has hired Jan Rees as account manager to look after customers across EMEA and the Americas. Rees has more than 20 years’ experience in the payments space, including roles at S1, Wincor Nixdorf, Level Four and Logica (now CGI). For the past year he has been working on a consultancy […]
MiFID II is a “dog’s dinner” says former UK government advisor
While HFT may pose a real threat to market stability, the European Commission’s response has been woefully inadequate and shows a lack of understanding of the core issues, says professor Dave Cliff of the University of Bristol and former member of the UK government’s Foresight Project.
Angry TradeTech delegates clash over HFT
A session at Trade Tech in London fell into chaos earlier today, as furious delegates hurled accusations across the table and members of the audience sparred aggressively with panellists.
New York City Pilot Adds Mobile Payment to Parking Spots (April 16, 2013)
New York City is the latest to launch a mobile payment pilot for its municipal parking operations, enabling motorists to use smartphones to locate and pay for available parking spots on streets and city-operated parking lots. The pilot harnesses technology from Vancouver-based PaybyPhone, which provides mobile payment services for parking operations in 180 cities around […]
Global Contactless Transit Push Continues in London, Beijing (April 16, 2013)
The global move toward cashless payments for mass transit continued this week, with news out of two major world cities. London soon could be banning cash payments on its iconic buses, according to the BBC, while Beijing’s subway has debuted a new payment system that uses sound waves to enable ticket purchases via smartphone. In […]
