The board of directors of The Bancorp Inc. and The Bancorp Bank has appointed Damian Kozlowski to leadership roles with both entities. Kozlowski will become CEO of The Bancorp and president of The Bancorp Bank, effective June 1, 2016. He also will serve as director of both units. Kozlowski has served since 2010 as CEO, president and director of Modern Bank, a New York City-based private bank.
The robot, called Pepper, represents only one emerging payment method that seems to be inspired by science fiction.
Consumers with bank accounts are four times more likely to use mobile apps from their primary financial institutions than from other sources, according to an FIS survey.
The 2013 Target data breach settlement has been finalized.
Following a flurry of activity among banks entering the GPR card market in 2011 and 2012—Chase, U.S. Bank, BB&T and more—the prepaid industry hasn’t seen as much competition from banks issuing their own consumer-facing prepaid cards. That changed today.
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time. Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships. Ripple offers […]
Harvest Capital Strategies LLC began a public campaign to change Green Dot leadership in January.
The launch of MasterCard Humanitarian Aid Solutions leverages several of the network’s existing platforms to enable recipients to access funds and other forms of aid via a single card.
The Curve card functions as a prepaid MasterCard, which acts as a conduit for payment from the chosen card. A companion mobile app provides account management, transaction history and other functions.
Data provisions for access to accounts in the PSD2 likely will spark the launch of new payment and fintech firms to handle the new data demands from consumers and to create new products, according to presenters.
The scam indicates that card-present fraud is still very real. The incident reportedly took place on May 15 and involved data stolen from South Africa-based Standard Bank.
Debit cards are on track to topple cash in 2021, when they will take over as the UK’s most frequently used payment method, according to trade association Payments UK. In its report, “UK Payment Markets 2016”, which looks at current and future payment behaviour in the UK, it reveals over 72,000 payments were made every […]
UK-based start-up Kerv and its payments ring won the Innovation Jam at the Temenos Community Forum (TCF) 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. About 1,200 delegates were at the event and part 1 of our review looked at Temenos’ ambitions in the US. The event enables customers, potential customers, […]
Despite reports in American Banker and the Los Angeles Times claiming that Walmart MoneyCards issued by Green Dot Bank were being declined at ATMs and points of sale starting Monday, May 16, Green Dot says the problem from a processor conversion was related to accessing balance information online and via IVR.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Android Pay now in the UK; Australia and Singapore are next Coming to a country near you… possibly. Vietnam’s Tien Phong Bank stops attempted fraud through Swift system Stop! In the name of the law. Sydney Stock Exchange […]
The prepaid industry will be playing the waiting game a while longer. The CFPB’s final rule for prepaid accounts has been pushed back to a summer release, according to the agency’s latest rulemaking agenda.
How does the prepaid industry measure up? As fees decline and functionality increases, CFSI grades prepaid and anticipates its evolution. Are you ready to compete with next-generation providers?
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Consumers are ahead in digital payment adoption compared with businesses, and—despite significant prepaid program success in the B2C market—paper checks still dominate. Aside from the obvious benefits of cutting expenses and removing inefficiency, prepaid cards offer businesses an opportunity to leverage payments to drive customer loyalty and engagement.
In the midst of a contentious proxy fight leading up to the May 23 shareholders’ meeting, Green Dot Chairman and CEO Steve Streit spoke with Paybefore about Harvest Capital’s concerns, how he sees Green Dot’s position in the market and when he’d show himself the door.
With excitement often comes confusion, and that was true Tuesday at the Shoptalk conference in Las Vegas, where executives offered an optimistic view of the future of commerce and payments, albeit a vision that carried more than a bit of uncertainty.
At Shoptalk in Las Vegas this week, young companies showcased their contributions to the evolution of commerce and experts discussed how retailers and payments providers can attract the coveted millennial shopper.
Fitbit Inc. is acquiring the wearable payments platform of startup Coin, with an eye on developing contactless payment features for future Fitbit fitness bands. The deal includes “key personnel and intellectual property” related to Coin’s wearables business, but does not include Coin’s core product—an electronic smart card that can be loaded with multiple payment, gift or loyalty cards, Fitbit said.
SEC head Mary Jo White called cybercrime the biggest threat to the world’s financial markets. Speaking at the Reuters Financial Regulation Summit in Washington, D.C., this week, White said that some major financial exchanges, dark pools and clearing houses lack defenses that are up to the challenge presented by today’s increasingly sophisticated cybercriminals.
Retailer consortium MCX said it will postpone the rollout of its CurrentC mobile payments service and shift its focus to partnering with financial institutions. Results from its pilot in Columbus, Ohio, led to the strategy move as well as the decision to cut about 30 jobs.
PayNearMe is enabling Dallas commuters to pay transit fares in cash at nearly 800 retail locations through a partnership with Dallas Area Rapid Transit (DART). Fares can be loaded onto the existing DART GoPass app or the new DART GoPass card, the transit agency’s first reloadable NFC-enabled transit card designed and distributed by PayNearMe and Blackhawk Network.
Can you imagine a world where check-in matters more than checkout when it comes to payments? Some of world’s leading payment experts can, and their ideas, presented this week at the Shoptalk conference in Las Vegas, foreshadow how consumers might buy products in the coming years.
Well, this might hurt: Only 25 percent of U.S. consumers trust banking Websites, and 23 percent of consumers point to POS systems as the top device for fraud risk.
A week from its 2016 annual shareholder meeting, Green Dot has announced plans to split up the role of chairman and CEO. The move comes in the midst of Green Dot’s proxy battle over board seats, propelled by Harvest Capital, which owns 9.3 percent of Green Dot common stock and has proposed three nominees to the board.
Five months after unveiling its own in-store mobile payment service, Walmart has begun rolling out Walmart Pay in Texas and the retail giant’s home state of Arkansas. Available through the Walmart smartphone app for iOS and Android, Walmart Pay can be loaded with any major credit, debit or prepaid card or a Walmart gift card.
Making good on a promise to reimburse cardholders affected by last year’s temporary service disruption, RushCard has agreed to a $19 million settlement in a class-action lawsuit stemming from the outage.
More than seven months after last October’s EMV liability shift in the U.S., customers “are forced to continue using fraud-prone magnetic stripe technology” because chip-reading payment terminals remain idle, charged U.S. Sen. Dick Durbin in a letter to Federal Trade Commission Chair Edith Ramirez.
VocaLink, the payment systems provider, has signed a five-year deal with China’s UnionPay International, which will enable UnionPay cardholders to access ATMs in the UK and continental Europe. Under the deal, VocaLink will provide ATM transaction processing and UnionPay sponsored access. VocaLink says on average, the value of UnionPay card withdrawals from UK ATMs are […]
Swift has warned its customers about a newly identified malware found at a “commercial bank”, which it has declined to identify. This latest development follows yesterday’s (12 May) news where Swift rejected the allegations made by Bangladesh Bank and Bangladesh Police’s Criminal Investigation Department (CID) officials about the first cyber fraud scandal in February. Details […]
Many will be surprised by where the biggest transformations in fintech actually come from in the next few years. A true disruption probably won’t stem from a tech start-up that gets hot and rides the wave to a new normal in banking. No, it’ll actually be those old card-issuing behemoths, Visa and MasterCard, which will […]
Banking giant Barclays has announced the launch of its own mobile contactless on Android, and confirmed it will not be joining Android Pay, reports Tim Skinner at Telecoms.com. The bank has been one of the UK’s more innovative financial institutions harnessing mobile payments, and specifically the integration of payment technology into wearable or alternative devices. […]
A Blackhawk Network study finds that more consumers (44 percent) are buying gift cards for themselves, most consumers are familiar with digital gift cards and other innovative payment methods are catching steam, while checks and even cash are declining.
Walmart has filed a lawsuit against Visa Inc. over claims that the payment network is forcing Walmart to offer customers the option to verify EMV debit card purchases via signature—a method the retail giant says is more prone to fraud than PIN verification.
As the country’s Unified Payments Interface threatens to leapfrog mobile wallets in the country, one mobile wallet provider wins a capital gain, while another wallet program launches.
