The rise of real-time payment infrastructures in the UK, Singapore, Poland, Australia and elsewhere in the world can help banks fight the disruption they face from alternative payment service providers (PSPs) and financial technology newcomers
Chrisol Correia, Head of Global Anti-Money Laundering Solutions, LexisNexis Risk Solutions
With today’s launch of its Capital One Wallet, Capital One is the first U.S. bank to enter the mobile wallet race. But with 22 million active mobile customers, Chase may not be far behind.
Blackhawk Network Inc. today announced a key partnership with the 5-year-old Palo Alto, Calif. based startup Stockpile Inc., to distribute a line of gift cards representing U.S. stock market shares that can turn recipients into equity investors for as little as $50.
Dan Henry has been mostly quiet since leaving his role as CEO of NetSpend last year, but the payments pioneer has now dipped a toe back into the industry, investing in m-POS provider CardFlight.
SIBOS INTERVIEW: Paul Francis Walvik-Joynt, Engagement Director, NETS Group
Tom Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions
Court considers whether it’s permissible for a discount for using cash or a surcharge for using credit cards.
A high-end fitness company selling tickets to reserve a spot in a specific class at a designated date and time comes under scrutiny for violating the CARD Act.
Borders gift cardholders do not get to claim $210 million in unredeemed gift card funds.
Target Corp., Amazon.com and a host of other retailers continue to challenge MasterCard, Visa and several large banks over the terms of a $7.25 billion settlement reached in 2013. The settlement was supposed to end the retailers’ claims that the banks and MasterCard and Visa artificially inflated interchange fees. Several of the largest retailers, however, […]
America has led Europe in payments innovation. Europe has led in payments regulation. The recent rubberstamping of PSD2 in Brussels suggests that’s likely to continue.
Sibos Interview: Niraj Singhal, Dell Services
Compliance obligations are increasing for financial institutions. A utility approach to the issue is gaining favour …
Trade finance plays an important role in helping to grease the wheels of the global economy. A largely paper-based process, effort is being put into finding ways to automate and improve processes for banks and corporates.
Larger banks are turning away payments business from smaller banks as regulatory and cost pressures bite. More than two-thirds of delegates in yesterday’s compliance session, Big Banks and Small Banks, said they had been victims of de-risking by larger banks; 68 per cent said larger banks had withdrawn from doing business with smaller banks. In addition the audience poll found that 67 per cent of respondents had experienced reduced services from their larger correspondent banks during the past three years.
Correspondent banking business models will continue as they are but adapt to changes in customer needs rather than replace existing infrastructures with new technologies such as blockchain.
There is no longer an issue of whether to offer real-time payments but rather how to offer them, according to the panellists in yesterday’s Real time: how fast is too fast? session. And now the demand has stepped up a gear from peer to peer payments to the corporate world.
Despite the hype proclaiming that the blockchain will solve everything including the common cold, the reality is more prosaic, according to panellists at the Securities market infrastructure innovation: the next frontier session yesterday. Instead, the reality may be that capital markets innovation can only really take flight when the market infrastructure gets involved.
Trade finance is one area of wholesale banking that is set to be transformed by the internet of things. At yesterday’s The internet of things and banks’ core platforms session most of the discussion was about the wider issues of banks’ digital transformation. But when the panellists were asked by Cathy Bessant, Bank of America Merrill Lynch’s chief operations and technology officer, where the concepts could be applied to wholesale banking, it was trade finance that was highlighted.
SmartStream has extended the capabilities of its Trade Lifecycle Management suite with the launch of an adaptor. The adaptor will provide a full lifecycle of trading messages for the non-clearing OTC derivatives market and TLM Cash Management module for the front-office, which will provide a global real-time view of cash positions across all settlement channels […]
The financial crash has had many repercussions, but one unforeseen consequence has been that trust in banks and financial services among millennials – that’s anyone too young to remember a Sibos pre-2000 – is almost non-existent. And banks have to adapt if they are still to be relevant to the next generation of consumers.
It seems that at each Sibos, certainly since the financial crisis of 2008, a regulatory deadline is looming large. This year’s model is the Basel Committee on Banking Supervision’s (BCBS’) 11 principles for effective risk data aggregation and risk reporting (BCBS 239), with which globally systemically important banks (GSIBs) must comply by 1 January 2016. However, a report on the progress of adoption reveals a lack of preparedness.
Real-time payments systems and infrastructures are being rolled out globally. What impact will they have on financial institutions? How fast is too fast? Daily News at Sibos asked delegates where the trend is heading …
Oracle has launched the Oracle Banking Digital Experience, which it describes as the end result of a five-year project to build the ‘next generation’ of banking platform. Ashwin Goyal, group vice-president and general manager at Oracle Financial Services, said banks would not have to make “major changes” to their core systems as a result of the new platform.
Swift has launched an analytics service that provides users with a deeper analysis of their payments and letters of credit (LC) data over Swift. Watch Banking Analytics Premium is a part of the Watch for Banking services range, a set of online reporting and analytical tools that allow users to look into their institution’s message content to better understand the value behind messaging activity.
Card marketing and production service provider Arroweye Solutions has named Jeff Lipa vice president of business development.
The Bancorp has hired Steven Turowski as executive vice president, chief risk officer.
DH Corp., a provider of technology solutions to financial institutions globally, announced that it has rebranded Fundtech as its new Global Transaction Banking Solution (GTBS) business.
Ingenico Group, a global payment solutions provider, has received the Smart Card Alliance “Center of Excellence” designation for 2015—its second year in a row.
JetPay Payment Services, a division of JetPay Corp., has appointed Thomas Tesmer chief operating officer.
Stripe, which specializes in mobile and online payments technology, has appointed Will Gaybrick chief financial officer.
Payments processor The Members Group (TMG), a credit union service organization, has hired Pam Brodsack as chief technology officer.
Twitter’s board of directors has appointed Jack Dorsey CEO and named Adam Bain chief operating officer.
CPI Card Group rang the bell to open Friday trading, signifying the Littleton, Colo.-based card producer’s initial public offering. The company is trading its common stock on the Nasdaq Global Select Market (ticker symbol: PMTS) and the Toronto Stock Exchange. “This is an exciting time for us, our shareholders, our customers and our employees, as […]
Atlanta-based IDology Inc., is augmenting its ammo to battle against fraudsters in the mobile payments and e-commerce channels with a strategic investment in Payfone Inc., combining IDology’s online identity verification and fraud prevention services with Payfone’s mobile security services with a new service, ExpectID Mobile, to verify customers’ identities in the mobile space.
Money is a significant source of stress among millennials, with financial concerns affecting their emotional and physical well-being, personal relationships and work performance, a new report says.
Immediate payments are acting as a catalyst for banks to add value and develop holistic payment solutions. In this extract from World Payments Report 2015, the impact of immediate payments on banks’ offerings is examined
