The Payment Services Directive in Europe mandated next-business-day settlement – D+1 – for payment transactions between EC states from Jan 2012. But with some European countries already using faster operating standards, Neil Burton and Gareth Lodge ask: is D+1 good enough?
Credit advisory and investment partnership Venn Partners has launched Venn Risk Analytics, a financial analysis platform that it says will provide an independent and transparent approach to the analysis and valuation of structure finance products.
Following the release of the Basel Committee on Banking Supervision’s Principles for Effective Risk Data Aggregation, middle and back office professionals in major financial centres now find themselves with a number of difficult questions, that senior management must be able to answer and evidence.
As tough new rules requiring the collateralisation of OTC derivatives take hold in Europe and the US, Citi has retooled its OpenInvestor investment services to include segregated collateral custody accounts – a move the bank says will help mitigate counterparty risk and improve collateral efficiency.
Arun Jain, chairman and chief executive of Polaris Financial Technology, is a great believer in the power of design to transcend ordinary development work and deliver superior results – results that pay. Banking Technology caught up with him at the opening of the firm’s new design centre in Chennai.
Swift’s Innotribe project has announced the fifteen semi-finalists for its startup challenge, which aims to help innovative new companies in financial services to get started.
Ahead of its planned IPO, Blackhawk Network Holdings Inc. has set a stock price of $20 to $22 per share, numbers that could lead to the prepaid card provider and third-party distributor raising up to $220 million. Grocery chain Safeway Inc., which owns 96 percent of Blackhawk, revealed plans last year to sell a stake […]
Aiming to capitalize on the combined strengths of two of the prepaid industry’s most potent marketing forces, Green Dot Corp. and UniRush LLC today unveiled the RushCard Live Reloadable Prepaid Visa Card, which will be rolling out later this month at thousands of Green Dot retail partner locations. Leveraging the popularity of UniRush LLC co-founder […]
A U.K. ban on merchants imposing “excessive” surcharges when consumers pay with credit or debit cards that went into effect April 6 could mean fewer surprises for consumers that previously complained about getting stung with unexpected transaction fees when paying for airline and rail tickets and other online purchases. But some observers say the new […]
With consumer directed healthcare (CDH) accounts on the rise, the use of payment cards linked to those accounts also is increasing. And Waltham, Mass.-based Alegeus Technologies, which offers healthcare benefit and payment solutions that feature healthcare spending debit cards, is seeing robust growth, the company announced today. During the three-year period from 2010 to 2013, […]
Despite its potential, the vast majority of financial services firms have still not implemented big data tools, according to new research conducted in North America by analyst firm Celent.
Bloomberg has added real time twitter feeds to its Bloomberg Professional service so that market participants can use twitter updates from corporations, executives, governments, media outlets and other sources to help make investment decisions.
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
The announcement earlier this week by Transport for London that Londoners have paid for more than 700,000 bus fares using their contactless bank cards since the option for contactless payment was introduced three months ago is proof that contactless payment is finally here, says Bernhard Lachenmeier, head of products and marketing at SIX Payment Services. So why does it feel like this isn’t the case?
French bank Oddo & Cie has chosen SmartStream Technologies to help improve its risk management and increase levels of automation in its reconciliations processing.
Fiserv Inc. is the latest to offer mobile deposit capture for prepaid cards, with a new program targeting prepaid card processors that includes a check-guarantee service so cardholders may receive funds immediately instead of waiting several days for checks to clear. Fiserv’s Prepaid Source Capture, based on the remote deposit capture it has offered banks […]
Payments processor Global Payments Inc. will support Visa Europe when it launches its V.me digital wallet in the U.K. this spring. The country’s third-largest card payments processor, Global Payments joins WorldPay as processing partners for the U.K. version of the wallet, which launched a pilot with bank partner RBS late last year and is expected […]
As competition among mobile merchant acceptance services in India grows, merchants seem to be responding to the new technology. Bangalore-based iKaaz says that within three months of launching its NFC-based card reader for merchants, the company is processing 800,000 transactions monthly. The iKaaz NFC Reader, available for US$20, plugs into any mobile phone and enables […]
Video game giant Nintendo will launch a series of prepaid cards in Japan that feature characters from the popular Super Mario franchise. The cards will be available in monetary denominations of 1,000 yen (US$10.40), 2,000 yen (US$20.81) and 3,000 yen (US$31.21), and will be available starting in late April from convenience stores and other retailers […]
As new rules for OTC derivatives take hold in Europe and in the US, banks and asset managers face a complex cocktail of mandatory clearing, reporting and increased collateral requirements.
Social media can add value for banks, but they need to be careful that the risk of damaging their brand does not outweigh the potential benefits, according to Jaroslaw Knapik, senior analyst, financial services technology at Ovum.
A new generation of ATMs that offer customers more personalised services will provide a core tool for increasing levels of banking competition, according to a new report by business consultancy Navigant.
Standard Chartered has appointed Peter Burnet as its regional head of corporate finance for northeast Asia. In his new role, Burnett will cover project and export finance, mergers and acquisitions advisory, structured trade finance, financing solutions and equity capital markets.
Personal financial management tools have spluttered in and out of fashion, but a combination of mobile, tablet and internet banking uptake may mean their time has come, Recent years have seen the emergence of a plethora of PFM tools, each of which purports to be the best way to keep track of your finances.
With government officials considering a FinCEN anti-money laundering rule that would require consumers to report when they transport prepaid cards, along with cash and/or monetary instruments, with a value of more than $10,000 into or out of the country, representatives from three payment card networks went to the White House to request the rule be […]
Online merchants using Minneapolis-based Digital River Inc.’s e-commerce platform may now add paysafecard, a European-based prepaid electronic payment option, to their consumer checkout menus, the companies said. Paybefore Award-winning paysafecard, founded in 2000 in Austria, provides prepaid payment services for more than 450,000 European and U.S. merchants in 33 countries. Adding paysafecard “makes online purchasing […]
London-based prepaid voucher provider Ukash is rolling out a new service that will enable customers to turn their vouchers back into cash. Set to debut later this month, the Cash Withdrawals service lets users turn their game winnings or Ukash transaction change into cash at more than 24,000 PayPoint-enabled retailers throughout the U.K. Previously, Ukash […]
Mobile payments are evolving at different rates around the globe, with Asia leading other regions including Latin America, Europe and North America in growth. However, progress is uneven and it remains unclear which payment technology will prevail worldwide, according to a new report from Amsterdam-based payments consulting firm Innopay. In Japan, for example, contactless payments […]
Many debit and prepaid card issuers are scrambling to make provisions as of today with debit card routing rules under the Durbin Amendment and the General Use Prepaid Exemption. Issuers were caught off guard as a result of FAQs, representing a Federal Reserve Board staff clarification of the requirements, released quietly by the Fed in […]
Consumers and businesses inside and outside of China may have enhanced online payment options now that Chinese online commerce giant Alibaba Group and MasterCard have signed a memorandum of understanding (MOU) to work together on e-commerce. In addition to enhancing e-commerce, the companies said key goals of the MOU include working to help combat intellectual […]
Prepaid cards represent “the next chapter” of electronic government payments, according to a new report from the Center for Financial Services Innovation (CFSI) and the Hudson Institute, which outlines ways to make benefit disbursement cards even more beneficial to recipients. One approach to improving benefit cards is by increasing the choice of card products available […]
A new money transfer service is providing Nigerians with a way to manage and access their Western Union remittances via their mobile phones. VCASH subscribers can use the service, which was launched last week by Western Union Co. and Nigerian mobile payment operator Virtual Terminal Network, to transfer individual Western Union remittances up to US$300 […]
Hungary this fall will roll out a uniform system for paying transportation costs via mobile phone. The National Mobile Payments System will be run by Nemzeti Mobilfizetési, a state-run company, while various mobile payment providers will act as resellers, according to a report in the Budapest Business Times. The platform initially will enable mobile payments […]
Enterprise mobility is a constantly evolving undertaking. As with any technology, just when you think it’s safe to use a term, the wording changes or a new device or solution comes out. This report examines the technology behind mobile application development for the enterprise and takes a look at the platform landscape. Mobile application development […]
Enterprise data management vendor GoldenSource has added support for the ISO 17442 Legal Entity Identifier standard to its systems
Barclays has appointed Yera Hagopian as global head of liquidity product within its cash management team. Hagopian joins Barclays from JP Morgan where she was EMEA head of liquidity.
Asset finance has had a lower profile than other types of loan. But the overall squeeze on lending and higher business loan rejection rates have led to an increased demand for leasing arrangements by SMEs. As a result, asset finance is now the third most common source of finance for businesses.
Reports have swirled for the past week or more that the European banks that own Visa Europe might soon exercise an option to sell the organization to U.S.-based Visa Inc. and set up a new network of their own. Although Visa Europe members may be driving the sale, taking control of the European network could […]
Redwood City, Calif.-based payment processor i2c Inc. has added enhanced features to its payments platform that enable users to budget spending by using multiple purses within one account. i2c’s platform, known as MCP, enables companies to launch and manage card-based, virtual and mobile payment products to their customers. With the new features, i2c clients can […]
Canada’s national ATM and debit network Interac this week announced the completion of the nation’s first NFC mobile debit transaction in a demonstration at a Toronto McDonald’s restaurant. The transaction showcasing the contactless EMV Interact Flash technology was conducted with an NFC-ready BlackBerry smartphone linked to a RBC Royal Bank customer’s bank account through mobile […]
