With the CFPB’s recently announced NPRM on small-dollar loans expected to have significant effects on the industry, QCash Financial released a white paper to quell concerns credit unions might have about entering the space.
LCH is the first central counterparty clearing house (CCP) to sign up to Swift’s ISO 20022 Harmonisation Charter. The charter is designed to help rollout the ISO 20022 messaging standard and “promote harmonisation”. LCH, which is majority-owned by the London Stock Exchange, is one of 17 financial market infrastructure providers to have “endorsed” the charter, […]
Volante Technologies has launched a new solution – as part of its VolPay Foundation payments platform – for integration with Ripple’s distributed ledger technology. Volante’s software has been Ripple-ready since last autumn, says the vendor, and following “close engagement with Ripple” it has now brought to market an “integration solution wholly designed to simplify the […]
Will everyone really benefit from the real-time payments coming to the US? Can the US regulator mandate the banking sector to adopt it? And what are the chances of this new faster payments system becoming ubiquitous? Banking Technology digs deeper, past the hype. It’s a pretty safe bet that the roll-out of faster payments in […]
Members of the financial services industry have launched a media campaign in support of a bill they say would provide better protection of consumer data, bring retailer accountability for data breaches in line with the financial sector and supersede myriad state laws pertaining to breach-notification regulations.
The European Commission has granted final approval to Visa Inc.’s planned acquisition of Visa Europe, with the transaction expected to close by the end of this month, Visa Inc. announced.
The Finnish government and Prepaid Financial Services (PFS) have teamed up to launch a new prepaid platform offering cards for use by the country’s prison inmates. Rolled out in May, the program makes prepaid cards available to prisoners upon arrival at prisons throughout Finland.
The theft earlier this year of $81 million from the Bangladesh central bank account at the New York Federal Reserve has caught the attention of more Congressional investigators. The chairman of the House Committee on Science, Space and Technology, Lamar Smith (R-Texas), has given New York Federal Reserve officials until June 14 to turn over documents related to the incident.
It’s difficult to avoid writing about distributed ledger technologies, so we won’t. Last month Australian Craig Wright claimed to be the elusive inventor of bitcoin, Satoshi Nakamoto. Displaying uncharacteristic scepticism, many mainstream media outlets doubted his claims. Whether it’s true or not, the story attracted great interest. Distributed ledger, blockchain (some argue the two are […]
The European Commission has approved the proposed acquisition of Visa Europe by Visa Inc. This concludes all regulatory approvals required for this deal to go ahead, as the Jersey and the Turkish competition authorities have already given their stamps of approval. The transaction is expected to close in Visa Inc’s fiscal Q3 2016. The takeover […]
You are the weakest link. Goodbye. Banks with inadequate cyber defences could find themselves booted off Swift’s payment network, warns Swift CEO Gottfried Leibbrandt. The threat from Leibbrandt follows a spate of hacks. Investigators are looking at more potential computer breaches following three attacks – a $101 million cyber heist in Bangladesh – the biggest […]
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands. Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion. Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which […]
Wells Fargo is poised to beat Chase Pay to the punch with a summer release of its mobile wallet. But it’s more than timing that could give the financial institution an edge in the mobile wallet competition.
Recent media reports that prepaid cards have “hidden fees” simply because card packaging doesn’t follow the format contained in the CFPB’s proposed prepaid accounts rule are misleading and misinformed. Of course, the industry is waiting for the final rule before making standardized disclosure changes.
We’ve been hearing a lot about the demise of MCX since it announced yet another launch delay of its CurrentC app to focus on deals with financial institutions. While this move is clearly a pivot for MCX, it’s way too early to call the organization dead. In fact, we should be calling MCX a roaring success.
With the dollar down and prepaid use up in Canada, the U.S.’s top trading partner presents fertile ground for expansion.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
For card manufacturers like CPI Card Group, the U.S. transition to EMV continues to be a top priority. But broader trends like the rise of e-commerce and wearables also are shaping a business that goes well beyond plastic.
The U.S. Postal Service (USPS), striving to overcome inefficiencies and profitability that’s historically been much more often in the red than in the black, is exploring the use of blockchain technology to improve current services, provide new services and improve operations.
Consumer fraud concerns and the popularity of mobile messaging apps likely will secure prepaid a firm spot in future commerce, according to Martin Koderisch, a manager at Edgar, Dunn and Company (EDC) during a recent Webinar entitled “Prepaid Payments in the Digital Age.”
Japanese e-commerce giant Rakuten steadily has been expanding its presence in the U.S.—and the company’s recent filing for a money transmitter license in California could indicate ambitions for adding new financial services and P2P payments components to its U.S. platform.
PayPal has filed a US patent application for a modular payment module that accepts Bitcoin and other digital currencies. The application names Bitcoin, Litecoin and Dogecoin; and sets out the physical characteristics of the module. It says: “The module includes a chassis which has a modular device connector. A payment database in the chassis stores […]
SETL, the institutional payment and settlement infrastructure based on blockchain, has launched its OpenCSD platform. The blockchain-powered platform, SETL’s first commercial offering, enables any market participant to commission and run a permissioned registry service for payments, settlement and clearing of cash and other “financial instruments”. It has been benchmarked to “settle billions of transactions a […]
Building on a partnership that began three years ago, UnionPay announced that U.S. travelers headed to China have a new payment option—UnionPay Gift Cards.
Wirecard’s flurry of activity continues as the German payment services and technology firm joins with Norway-based program manager Paygoo to launch a reloadable prepaid MasterCard, to be distributed through one of Europe’s largest convenience store chains, Reitan Convenience.
PayPal will shut down its business in Turkey on June 6 after regulators there denied the online payment processing service a new license.
Software code used in recent attacks on banks—including a high-profile Bangladesh attack that resulted in the theft of approximately $81 million—comes from the North Korean government, according to security experts.
Oman Arab Bank (OAB) has selected BPC Banking Technologies’ SmartVista suite for its payment business. SmartVista will replace the existing legacy platform, ACI Worldwide’s Open2. BPC says following a review and bid process, OAB selected its suite over ACI Worldwide and HPS. Fahd Amjad, GM retail banking at Oman Arab Bank, says the partnership with […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift hacks sees 12 more banks under attack A fast moving chain of events. High five for Apple Pay in Singapore Big banks onboard include OCBC and Standard Chartered. NYSE launches new trading tech platform, NYSE Pillar The […]
Investigators are looking at more potential computer breaches following the three hacking incidents on Swift’s payment network, according to Bloomberg. The three attacks comprised a $101 million cyber heist in Bangladesh – the biggest cyber heist in history; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 […]
Green Dot has taken to social media to apologize for service issues that go beyond its initial reporting that balance inquiries temporarily were unavailable in certain channels, following the third wave of its processing conversion to MasterCard Payment Transaction Services.
Wells Fargo will launch its mobile wallet this summer, giving consumers using Android devices a new way to pay with their Wells Fargo debit and credit cards.
The multibillion-dollar fintech boom often garners headlines for consumer-facing innovation. Three payments veterans—John Mitchell, Futeh Kao and Chermaine Hu—decided it was time to create some issuer-facing innovation. With their new company Episode Six, the team has launched a payments software platform that integrates with issuers’ existing processing infrastructure to enable customized new products, Mitchell tells Paybefore.
CO-OP Financial Services, which provides financial technology to 3,500 credit unions, has announced that Todd Clark will assume the role of president and CEO, effective June 27, succeeding the retiring Stan Hollen.
Former Citigroup CEO Vikram Pandit and independent investment fund Atairos Group are creating The Orogen Group, a New York-based company that will make controlling and other strategic investments in financial services companies and related businesses.
Global payments processor and technology provider Worldpay Group plc has appointed Karen Richardson to the company’s board of directors as an independent non-executive director and a member of the audit and nomination committees, effective July 1, 2016.
Fifth Third Bancorp has hired Melissa Stevens as senior vice president, chief digital officer and head of omni-channel banking.
Visa Inc. has opened a new innovation center in Dubai Internet City, the region’s largest information and communications technology community.
BBVA is partnering with Red Hat to speed up innovation and digital banking growth. The agreement, which turns Red Hat into a “priority partner” for BBVA, is part of a series of alliances that BBVA is aiming to forge. Earlier this year, it signed an alliance with Cisco, also allowing it to become a “priority” […]
A settlement agreement has been reached from a 2014 data breach between Kmart and several banks.
