The new framework – available worldwide – is set to open up access to real-time payments for banks. UK-based Icon Solutions, an IT payment consultancy and specialist technology provider, describes its Instant Payments Framework (IPF) as “an agile yet robust software product that expedites financial institutions’ transition to instant payments”. The vendor emphasises that “IPF […]
At the opening day of Power of Prepaid in Washington, D.C., the NBPCA recognized Marilyn Bochicchio as the second recipient of the annual Terrence P. Maher Prepaid Influencer Award. The former Paybefore CEO is an industry veteran and a founding member of the NBPCA.
Payments M&A activity is continuing apace. Online lending company Affirm wants to use the Sweep finance app to expand beyond the point of sale, while Europe-based Payleven and SumUP combine mPOS forces. Meanwhile, Global’s acquisition of Heartland opens up verticals for the merchant acquirer processing firm.
Chinese smartphone maker Xiaomi is planning to launch an NFC mobile payments service in the country, leveraging its position as China’s largest phone manufacturer to compete in an increasingly crowded mobile payments market.
When more than 3,700 people gather in one place to talk about payments, you never know what you’re going to get. But the inaugural Money20/20 Europe conference in Copenhagen earlier this month left me with one major theme—partnership.
Jennifer Shasky Calvery will leave her position as director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) at the end of May.
The Federal Reserve Board has appointed Matthew Eichner to serve as director of its Division of Reserve Bank Operations and Payment Systems, effective May 1.
Donna Embry, chief payments adviser at Payment Alliance International (PAI), has been honored as the winner of the 2016 Distinguished Payments Professional Award from the Electronic Transactions Association (ETA).
Payments processor TMG has named Ron Metschke to the newly created role of senior vice president, channel development
Financial Technology (FT) Partners has hired Phil Olson as a managing director in the company’s new Chicago office.
Credit union service organization PSCU has re-elected four current members of its board of directors to new three-year terms.
Hargreaves Lansdown, a financial service company based in Bristol, UK, has gone live with Calastone’s funds settlement system, Calastone Settlements. Danny Cox, head of communications at Hargreaves Lansdown comments that “automatic matching of trades and the netting of settlement positions early in the day will improve the efficiency of our operational and treasury teams”. He […]
Paybefore talked with Shoptalk speakers to get a preview of the hot topics for next month’s inaugural retail-focused show from the creators of Money20/20.
A survey from the Prepaid International Forum finds that nearly half of young consumers already make payments via mobile phones. Checking balances and not having to carry wallets or purses are among the main reasons for mobile’s growing popularity.
In the midst of regulatory pressure and an expected CFPB proposed rulemaking on small-dollar loans, QCash signs a Texas credit union to offer members what the company calls a less costly short-term lending product.
The CFPB’s latest monthly consumer complaint snapshot showed a slight increase in prepaid-related consumer complaints in March, but prepaid remains the subject of just a fraction of overall complaints received by the agency.
Faster EMV is coming to the U.S. MasterCard has launched M/Chip Fast, which “brings some of the principles successfully implemented for contactless cards and mobile wallets around the world to point-of-sale terminals,” the payments network said.
Peoples Trust is expanding its Canadian prepaid issuing services to U.S.-based program manager SVM.
As Alibaba-affiliated financial services provider Ant Financial seeks to expand in markets in China and around the globe, the company has landed $4.5 billion in new funding that values it at a whopping $60 billion.
The FDIC board of directors has approved a rule that changes how banks with less than $10 billion in assets and have been FDIC insured for at least five years are assessed for deposit insurance.
Mobile point-of-sale (mPOS) is revolutionising the POS terminal industry. In two years, the market is estimated to be worth $43 billion. By 2019, 46% of all POS terminals in 2019 are expected to be mPOS. Over the next four years, the market is poised to grow by 400%. This nifty infographics – courtesy of FIME – […]
Visa Inc. has amended the terms of its pending acquisition of Visa Europe, reducing a planned future payment in favor of additional cash up front. Meanwhile, MasterCard reportedly is in talks to acquire U.K. payments giant VocaLink in a potential £1 billion (US$1.45 billion) deal.
The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.
ClassWallet, a digital payments platform for school-related purchases, has raised $1.5 million in a seed round led by Idea Bulb Ventures.
The mobile coffee wars continue this month, with Dunkin’ Donuts updating its mobile apps as Starbucks revamps is loyalty program.
US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders. About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of […]
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Corelation’s Keystone core system reaches 50 users All aboard for US-based credit unions. Citizens Bank plans core banking revamp with FIS Bank is also looking at a new mobile platform and middleware layer. Scotiabank invests millions of dollars […]
If you want to fight fraud in the corporate and government sector—or any sector—you need many tools. And, you may have to educate clients that no one tool is the solution.
Gamification is not new, but new entrants are showing that injecting the right mix of fun and rewards into financial education can reap dividends for consumers and financial services providers seeking to engage their customers.
We’re bombarded daily with reports that fintech firms are poised to eat the banks’ lunch. The drumbeat is so loud and steady, it’s hard not to fall into the trap of thinking that banks’ best days are behind them. But, I believe the proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions.
The digital edition of the Spring 2016 issue of Pay Magazine is finally here. Whether you’re a technology provider, a financial services company or a retailer, you have to reconcile consumers’ on-demand mentality with top-notch security and compliance at every consumer touch point. In this issue, we help you do just that.
On the heels of a strong earnings report yesterday, Discover Financial Services’ wholly owned subsidiary Diners Club International announced a deal with Bamberg, Germany-based payment service provider Computop to increase international e-commerce merchant acceptance of Discover, Diners Club and Alliance Partner cards.
The conference agenda covers the latest in prepaid legislation, regulation, compliance and business innovation, with keynote addresses from Reps. Scott Tipton (R-Colo.) and Carolyn Maloney (D-N.Y.), and IRS Commissioner John Koskinen.
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
