NCR Tackles Omnichannel Issues for Restaurants, Food Delivery
NCR Corp. on July 24 announced partnerships with Grubhub and DoorDash that it says will improve payments, order-ahead and delivery services for restaurants.
PayTech
An Ant Can Teach A Big Lesson To U.S. FIs
Ant Financial created the world’s largest money market fund in four years by enabling mobile wallet users to move money to the fund simply within the mobile app. The program’s meteoric rise shows that consumers are willing to adopt financial services from new players and the mobile device can supercharge that consumer shift of assets if incumbents don’t react quickly enough.
Faster Payments Task Force Sets Ambitious Goal for 2020
The Fed’s Faster Payments Task Force isn’t kidding when it says it wants every U.S. consumer and business to be able to accept faster payments by 2020. It’s an ambitious plan, no doubt. But with the release of its final report on July 21, detailing 16 proposed faster payment solutions and outlining possible approaches, the task force is making a serious call to action.
Earnings Roundup: Amex, BofA, Blackhawk, Visa
It was a busy week for second- and fiscal third-quarter earnings reports, with American Express, Bank of America and Visa all beating Wall Street expectations, and Blackhawk Network, which also beat analyst predictions, talking international growth, double-digit digital gift card sales and new partner Target set to roll out in Q3.
Mastercard Triumphs against £14 Billion Collective Action Lawsuit
Mastercard can breathe a sigh of relief as the £14 billion (US$18.15 billion) lawsuit—a collective action over card charges that were passed on to shoppers—has been stopped by the U.K.’s Competition Appeals Tribunal.
Top fintech stories this week – 21 July 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Ingenico Buys Bambora for €1.5 Billion
In payments, the big guys just keep getting bigger and more diversified. Ingenico Group on July 20 announced its €1.5 billion (US$1.74 billion) purchase of Sweden-based payments company Bambora from Nordic Capital.
Karmic Secures $17.2 Million in Series B Financing, Adds Board Members
Pay Award-winning Karmic, which offers an integrated payment and expense management solution, has raised $17.2 million in a Series B round of financing. Wei Hopeman and Jim Whims have joined its board of directors.
MileagePlus Go Visa Prepaid Card Set to Soar?
Less than two months following the initial announcement from partners Netspend, a TSYS Company, and United Airlines, the prepaid industry’s first air miles rewards card is now available online. Paybefore readers believe more prepaid providers will follow suit with air miles rewards of their own.
Mobile wallet round-up: 20 July 2017
It’s been a busy week for mobile wallet partnerships – and this round-up can help. Features Apple Pay, ANZ, CaixaBank, Starling and Samsung Pay. Banking Technology’s sister publication Paybefore reports. Australia and New Zealand-based banking group, ANZ, is rolling out Samsung Pay to customers in Australia. The bank says it’s the only major Australian bank […]
Compliance Titans: Jim Schafer, FIS
An early interest in credit cards hooked Jim Schafer on payments. Since then, his work has taken him across the globe in roles as diverse as programming and human resources. But it’s his current role as senior compliance director of FIS Payments that has led him to be named one of Paybefore’s Compliance Titans.
UK bans surcharging, load fees could be at risk
The UK’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting. Banking Technology‘s sister publication Paybefore reports that the HM Treasury is putting an end to “rip-off” fees related to paying with a […]
U.K. Bans Surcharging, Load Fees Could Be at Risk
The U.K.’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting.
Mastercard Buys in to AI with Brighterion
Mastercard has entered into an agreement to acquire Brighterion Inc., a software company specializing in artificial intelligence. This acquisition follows Masterdard’s March acquisition of NuData Security and will further expand Mastercard’s capabilities to “deliver an enhanced customer experience and security.”
M-Wallet Roundup: Apple Pay, ANZ, CaixaBank, Starling, Samsung
It’s been a busy week for mobile wallet partnerships. Several companies announced deals to offer mobile wallets to their customers in the U.K., Australia and Europe. Challenger bank Starling says it’s the first in the U.K. to offer in-app provisioning.
Fintech funding round-up: 18 July 2017
You’ve come to the right section for cash injection. Today’s fintech funding round-up features Contego, Privitar, Form3 and Barclays. Maven Capital Partners, a UK private equity house, has led the £3.5 million investment in Contego Fraud Solutions to support its growth plans. Maven is putting in £1.8 million, NVM Private Equity is investing £1.5 million, […]
Be at the heart of the biggest fintech event of the year – Sibos 2017
Daily News at Sibos, the highest profile news publication at Sibos 2017, is written and produced by Banking Technology for the duration of the event. A flagship Sibos publication does not only bring the most important news and happenings of the day, but is also a great way for companies to showcase thought leadership, breaking news, feature articles or exclusive interviews with […]
Worldline buys Digital River World Payments
France-based payments technology provider Worldline is expanding its global footprint with a definitive agreement to acquire 100% of the share capital of Digital River World Payments (DRWP), an online global payment service provider from Digital River Inc. Banking Technology‘s sister publication Paybefore reports that the acquisition, which is expected to close in the third quarter […]
Urban FT buys iParse to speed mobile app onboarding for FIs
Mobile banking technology firm Urban FT has completed its acquisition of iParse LLC
PayPal Teams with Samsung Pay
The partnerships keep coming for PayPal. Following recent news that the company is partnering with Apple for payments on iTunes and in the App Store, the company announced July 17 that it’s expanding its partnership with Samsung to enable PayPal as a payment method in any channel Samsung Pay is accepted.
Find Innovation in a Sandbox, Not in a Lab
For financial institutions lacking the deep pockets of the biggest competitors, investing their limited resources to develop disruptive payments solutions isn’t a viable option. Stated simply, you can never outspend the big guys. What you really need is a more effective weapon to level the playing field.
Congressman Calls for Hearing on Amazon’s Whole Foods Bid
On this heels of its record-breaking Prime Day, during which sales were up more than 60 percent over last year, Amazon is facing antitrust concerns from the top Democrat on the House Judiciary Antitrust Subcommittee. U.S. Congressman David N. Cicilline (R.I.) is calling for a hearing on the e-commerce giant’s $13.7 billion bid to acquire brick-and-mortar specialty grocery chain Whole Foods.
mVisa Takes on M-PESA with Free Domestic Mobile Money Transfers
Move over M-PESA, customers of a Visa-led bank partnership in Kenya will be able to send money to each other domestically without paying transaction fees using mVisa, and the payments network has added additional in-store merchant acceptance for the QR-code-based payment method.
Worldline Buys Digital River World Payments to Support Global Expansion
French payments technology provider Worldline is expanding its global footprint with a definitive agreement to acquire 100 percent of the share capital of Stockholm-based Digital River World Payments, an online global payment service provider from Digital River Inc.
People on the Move: John D. Orr, FutureVault
FutureVault, a personal and business information management company based in Toronto, has named banking executive, lawyer, entrepreneur and investment professional John D. Orr as CEO. Orr also has made a significant personal investment in the company for a material ownership position.
Company on the Move: Canadian Prepaid Group Welcomes New Members
The 2-year-old Canadian Prepaid Providers Organization has welcomed three new members and added an annual CPPO Prepaid Symposium to further its mission of supporting the fast-growing prepaid industry in Canada.
Congressional Republicans Look to Dismantle CFPB’s Arbitration Rule
It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”
EML Goes Global with Next-Gen Mall Cards, Gaming Payouts
More than a year into the merger with Australia-based EMerchants Limited, former Store Financial CEO Eric Mettemeyer, who now leads EML’s North America division, spoke with Paybefore about the company’s global efforts to expand beyond single-load gift and the greenfield in payout cards, gaming and more.
New partnership turns PayPal into Apple App Store payment option
One small step for consumer choice in e-commerce. One giant leap in PayPal’s quest to be the payment option of choice for shoppers online, reports Finovate (Banking Technology’s sister company). This week the company announced a partnership with Apple to allow shoppers pay for their purchases at the App Store using PayPal. The feature will be available for users […]
Top fintech stories this week – 14 July 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Aktia Bank finally live with Temenos T24 core banking system “Some system repairs will be carried out during the following weeks.” HSBC and Barclays pilot banking without borders Testing use of a citizen’s national digital identity. ANZ, Westpac […]
Vote for the Best Challenger Banks
Vote for the challenger banks (licensed or not) that should make Paybefore’s top 5 Best Challenger Banks list. Share your opinions through Aug. 1. The top 5 vote-getters will be profiled on Paybefore.com.
Apple Deal Puts PayPal One Step Closer to Ubiquity
One small step for consumer choice in e-commerce, one giant leap in PayPal’s quest for ubiquity. The company announced a partnership with Apple to enable shoppers to pay for their purchases in the App Store, iTunes, Apple Music and iBooks using PayPal.
Amex Taps Virtual Cards for Business Travel Expenses
American Express is the latest payments company to recognize the benefits of enabling virtual account numbers for business travel. The addition of virtual account numbers enables businesses to set usage dates and pre-authorize spending limits at the time of booking, helping reduce fraud and encourage compliance with company travel policies, Amex said.
Altice puts squeeze on Orange with bank move
In a copycat move that will come as a blow to Orange, rival Altice plans to launch its own online bank by early 2019 in the countries in its network footprint, according to a report from Reuters that cites a source close to the matter. Light Reading (Banking Technology’s sister publication) reports that the launch of […]
People on the Move: David Baker, Enacomm
Enacomm Inc., which provides customer authentication and customer service technology, has hired David Baker as vice president of sales, financial services.
Debit Cards Knock off Cash as No. 1 Payment Method in U.K.
Cash is no longer king in the U.K., according to the British Retail Consortium’s annual Payments Survey, which found that debit card transactions accounted for almost 43 percent of all retail transactions in 2016, overtaking cash, which accounted for 42 percent of all retail transactions, for the first time.
Fintech Funding Roundup: Revolut, Curve, Pixoneye, Gridspace
And the money keeps rolling in for fintech. U.K. challenger bank Revolut announced a $66 million investment it will use to introduce new features and expand globally, starting with Asia and North America. Meanwhile, Santander InnoVentures, the bank’s fintech venture capital fund, has added U.K.-based Pixoneye and Curve and U.S.-based Gridspace to its portfolio.
Tap into Consumer Habits to Create Sticky Prepaid Products
Designing products with staying power starts with understanding consumers and then adapting uses cases to solve their problems.
Bold statement three: statements from around the bleeding edge of innovation
Hello all and apologies it’s taken a little while to get to the third instalment of the series about “pet peeve statements”. For those who are new, I am talking about those bold, declaratory statements that puff up the chest and make people feel awfully progressive and far sighted – and as I have said before, all sound and fury, signifying stormy waters ahead!
InComm Receives Patent on Fraud-Fighting Prepaid Packaging Technique
Atlanta-based prepaid pioneer InComm has been granted a patent by the U.S. Patent and Trademark Office for a new method of printing activation barcodes and packaging prepaid products, which the company says will help retail partners fight fraud.
