In a decision that effectively classifies bitcoin as a type of currency rather than a good, the European Union’s highest court has ruled that the exchange of traditional currency for bitcoin is not subject to value added sales tax.
Cashfac Technologies, a specialist market leader in bank-to-corporate cash management solutions has launched Cashfac Analytics, a real-time data analysis and reporting module that enables banks and corporates to better understand their cash movements.
Cross-border payments providers looking to drive innovation should focus on solving problems in consumer use cases and getting regulators to help improve—not impede—technology development to streamline global remittances, payments executives said during an introductory panel at Money20/20 in Las Vegas on Sun., Oct. 25.
A year after first unveiling its prototype, smart payment terminal maker Poynt Co. is preparing to go to market soon, company founder Osama Bedier tells Paybefore.
Faster payments programs are live in 18 countries and 12 more are researching and building systems—the U.S. among the dozen.
A glitch in Barclays’ computer systems prevented many of its customers from making payments or withdrawing cash from their accounts over the weekend, the U.K. banking giant said.
SIBOS Interview: Christian Westerhaus, Deutsche Bank
Despite reassurances from UniRush Chairman and CEO Rick Savard earlier this week that the company is working around the clock to address any remaining cardholder issues arising from its recent technology migration, CFPB Director Richard Cordray today offered his two cents on the matter, saying the bureau will use “all appropriate tools at our disposal to help ensure that consumers obtain the relief that they deserve.”
The selfie boom was born in 2003 with the world’s first front-facing camera, and millennials are the first generation to grow up with technology focused on one’s self, bringing new expectations to the meaning of personalized, digital services.
Personalization has become more important than ever to consumers, as they shun anonymous mass advertising in favor of individual reviews and one-to-one brand engagement. But what if instead of helping big brands to adapt, you were to lead the change? This is where competitive advantage comes to life.
Clearly there’s an issue with how banks manage cross-border money transfers and payments. The process is inefficient, costly and archaic. That being said, I can understand why it is the way it is—building a truly global platform that enables FedEx-like payment transfers is no easy feat.
LG Electronics may be next to join the growing parade of mobile payments providers, and the biggest clue is the South Korean handset maker’s recent move to file a U.S. trademark application for “LG Pay.”
Visa Inc. is giving small and midsize credit and debit card issuers a new tool to optimize their marketing efforts.
The National Retail Federation’s annual holiday survey puts gift cards on top as the most requested holiday gift for the ninth consecutive year. Plus, consumers share plans for their most mobile holiday shopping season yet.
MasterCard is bolstering security on several fronts, launching tokenization for MasterPass and a new tool to help banks and processors reduce the threat of cyberattacks.
UniRush LLC last week disclosed a major service interruption with its RushCard GPR product that resulted in many of its customers experiencing difficulty using their cards and accessing funds over several days, resulting in apologies from RushCard co-founder Russell Simmons and a four-month holiday from card fees that will run Nov. 1, 2015, through Feb. 29, 2016.
Paris-based global card manufacturer Oberthur Technologies is planning to go public in what its owner, private equity firm Advent International Corp., is saying will be the largest technology IPO in Europe this year, according to reports.
Walmart this week joins major merchants participating in MCX’s CurrentC mobile payments test underway in Columbus, Ohio, with Exxon Mobil and Shell coming soon, the consortium confirms.
With the holiday season approaching, consumers will be able to purchase lottery gift cards to give as gifts or for self-use through a partnership with InComm and Scientific Games International. The Atlanta-based prepaid product and technology provider signed a five-year deal with Scientific Games to provide lottery gift cards in North America.
GPR card fees in the U.K. have been trending downward over the past few years, but forthcoming limits on interchange revenue could pressure issuers to reconsider their fee structures, according to Polymath Consulting’s David Parker.
Erik Zingmark, Deputy Head of Transaction Products, and Head of Cash Management, Nordea
SIBOS Interview: Benoit Desserre, Global Head, Payments and Cash Management, Societe Generale
Erik Zingmark, Deputy Head of Transaction Products, and Head of Cash Management, Nordea
Bruno Prigent , Head of Securities Services and Mathieu Maurier, Global Head, Sales Management at Societe Generale
SIBOS Interview: Dr Darryl Twigs, Head of Product Management, SmartStream
What Glass Ceiling? Women Driving Payments Change; P2P on the Verge; M-Wallet Challengers; Apple Pay Stats; Cards Still Present: Why Plastic Rules; 2015 Paybefore Awards Europe Winners
Technology has infiltrated every facet of our lives, fundamentally changing our behaviour patterns and our expectations of what constitutes a good customer experience. The banking sector has not been immune to these changes; the industry has been forced to drastically transform its business processes and services in order to keep up with customers’ expectations. Today, customer satisfaction is judged not by the smile on the face of a cashier, but on the speed with which one can gain mobile access
Atlanta-based payments processing and technology provider First Data sets U.S. IPO record raising $2.5 billion, pricing its IPO of 160 million shares of Class A common stock at $16 per share.
Competition from financial technology companies and regulatory changes are forcing banks to adopt APIs to provide access to client information, which has many implications across the industry.
A lack of information in securities messages creates problems for financial institutions screening them for regulatory compliance. But if the audience in a session yesterday is representative, only around half of them are screening anyway.
Banks have been quick to participate in the China International Payment System (Cips) and Sibos has provided the perfect opportunity for them to boast of their involvement. The payments infrastructure, which was launched on 8 October, was described as a “milestone” by Helen Yun, managing director and head of financial institutions China, Bank of America Merrill Lynch. Speaking during the Developing your transaction business with China session on Tuesday, she said the launch came at the right time, just a few days before Sibos opened.
While much of the focus at this year’s Sibos has been on China, today’s ‘Asean day’ highlights the emergence of the countries of the Association of South East Asian Nations (Asean). Many had expected the region’s trade integration to falter during the global financial crisis amid falling export demand. However a new report from Australia’s ANZ bank said the region had “defied the detractors and proved a resilient base for a new cohort of international banks”.
Sluggish economic growth in developed nations means attention is still focused on the growth markets of the Brics nations. As intra-regional trade grows, local knowledge is becoming a valued commodity.
Swift was keen to point out that the newly-launched China International Payment System (Cips) is not a competitor. Prior to the launch of the Chinese payments infrastructure, details of the system were scarce. On Tuesday at Sibos, Philippe Dirckx, managing director, head of markets and initiatives, Asia Pacific, at Swift said he wanted to clear up the idea that Cips was a competitor to Swift.
Disruptive innovation in banking and payments was overwhelmingly coming from China. Established global banks had better watch out or they may soon not have a future …
Working capital and supply chain finance topped the list of concerns for corporate treasurers in an audience poll at The future of corporate banking session yesterday.
Regulatory pressures, millennial customers demanding different services and the impact of digital giants such as Google and Amazon are making innovation an imperative for banks and financial services organisations. But banks are not very innovative on their own, being risk averse and focused on their balance sheets.
From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.
