People on the move: Peter De Caluwe and Thierry Siminger, TransferTo
TransferTo, a global B2B cross-border payments network, has appointed two senior executive team members as part of the company’s plan to accelerate business growth.
PayTech
People on the Move: Ron Kalifa, Worldpay
Worldpay vice chairman Ron Kalifa has ranked third out of 100 in the EMpower Ethnic Minority Leaders List, presented by The Financial Times
People on the Move: Manish Kohli, Citi
Citi has appointed Manish Kohli global head of the payments and receivables business.
Companies on the Move: International Regtech Association Forms
International Regtech Association, a global nonprofit association focusing on regulation technology has been formed, with more than 100 founding members.
People on the Move: Kevin Brown, Wirecard North America
Wirecard North America, a provider of global payment solutions, has appointed Kevin Brown to the Wirecard executive team in North America.
House Balks at Repealing Interchange Reform amid Dodd-Frank Overhaul
Retailers are claiming victory in the battle, if not the war, regarding proposed legislation that would have repealed interchange reform included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Full House set to vote on amended Financial CHOICE Act June 9.
First Data Buys Payment Processor CardConnect for $750 Million
First Data will buy U.S.-based payments processor CardConnect for about $750 million in cash, including the repayment of debt.
Chipotle Blames Malware for Payment Card Data Breach
Chipotle Mexican Grill said that whoever hacked into payments system used malware that searched for consumer track data read from the magnetic stripes of cards.
Till left with no part in Barclaycard pocket checkout
Barclaycard has begun trialling a new payment concept that lets consumers scan and pay for their shopping using their smartphone, without the need to visit a physical checkout. Called Grab+Go, it’s the firm’s plan to turn a smartphone into a “pocket checkout”, allowing users to scan the items they want to buy as they pick […]
Top fintech stories this week – 26 May 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
HSBC plots to stop rise of the technophobe
A lack of understanding and trust in technology is stalling mainstream adoption of innovative new fintech services, according to HSBC’s research. The bank’s report, “Trust in Technology”, shows that technologies such as fingerprint recognition, voice recognition and robo-advice “hold enormous potential” for uses from bank security to mobile payments and investment advice. John Flint, global […]
InComm Survey: How Retailers Can Tap into Prepaid Popularity with Themes
With graduation and wedding season upon us, InComm is advising retailers to take advantage of these occasions, among others, and improve sales by offering themed open-loop gift cards and promoting them with corresponding displays.
BitPay’s Visa-Branded Prepaid Card for Bitcoin Reaches Global Scale
BitPay, a 2017 Pay Award winner, said this week that it has released its BitPay Visa Prepaid Debit Card in 131 countries. The card “makes it possible for users to convert bitcoin into a spendable dollar, euro or pound balance” on the card in a matter of minutes, the company said.
Security Roundup: Fiserv, Intellicheck, InAuth
Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
Worldpay marks the PoC for VR payments
Researchers at Worldpay are investigating how shoppers can pay using a credit or debit card while remaining within a virtual environment. As part of its real ambitions, the payments firm has created a proof of concept (PoC), with the aim to provide the “same levels of convenience, and security” that shoppers have in-store and online, […]
Travelex kills off Supercard
Supercard, a new card and mobile product launched by Travelex and Wirecard last June, is now being sunsetted.
Fly Away: Netspend Prepaid Card Offers United Airlines’ MileagePlus Rewards
Netspend has launched a Visa-branded prepaid card that enables cardholders to earn miles good for travel through United Airlines’ MileagePlus loyalty program. The product addresses one of the main issues facing prepaid providers—long-term cardholder retention.
FIS Details How Younger Consumers—and Some Older Peers—Are Driving Digital Banking
Nearly half—49 percent—of millennial consumers had paid a bill via mobile within 30 days of a survey conducted for a new report from FIS. That data point underscores the growing importance of digital financial services and payments not only for younger consumers but their older counterparts.
Target to Pay $18.5 Million to States in Data Breach Settlement
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
Compliance Titans: Jani Gode, Payoneer
Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.
Comdata Adds Spend Escalator to ePayables to Save Clients Time, Money
Comdata is making it easier for clients who use the B2B payment and financial technology provider’s virtual credit cards, or ePayables, which it says will drive adoption. The company is so convinced its new Spend Escalator technology is beneficial, it has applied for a patent.
Games without frontiers via TransferWise borderless account
TransferWise has unveiled its “Borderless” account with the promise that it works like a local bank account in different countries. The account is its plan to replace “old-fashioned” money transfers. TransferWise says local bank details in the UK, Eurozone and US are available, and other unspecified countries are on the way at some point in […]
Swift unveils “first ever” cross-border payments tracker
Corporate treasurers have a moment to treasure as Swift has unveiled its new cross-border payments “Tracker” for real-time tracing. Swift says Tracker is the “cornerstone” of its global payments innovation (gpi) initiative – which went live in February – with the aim to deliver greater speed, transparency and end to end tracking. Tracker provides a […]
Nasdaq and Citi team up for blockchain-powered payments reconciliation
Nasdaq and Citi’s Treasury and Trade Solutions (TTS) have unveiled a new payment solution for automating reconciliation using Chain’s blockchain infrastructure platform. The solution enables straight through payment processing by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been done including Citi’s automated processing of cross-border payments […]
InComm’s Asia-Pac Expansion Continues with Sony Deal
InComm and Sony Interactive Entertainment HK Ltd. have teamed up to provide promotional programs in the Hong Kong market. The initiative is part of InComm’s continued investment in promotional tools that change how gift cards are purchased by connecting physical and digital channels.
Google Casts a Wider Net for Payments
Google has a new plan to become a bigger player in payments. The search engine and web marketing giant said that it’s enabling merchants and developers to “turbocharge checkout conversion” by making it easier for consumers to use the credit cards and debit cards stored with Google.
Innovation Day: Fast-Growing Prepaid Market Offers Rewards, Risks
New growth estimates for prepaid are encouraging to say the least, but providers gathering in London for the Prepaid International Forum’s annual Innovation Day said the industry must remain focused on compliance and the customer proposition to safeguard its success.
Payments round-up: 18 May 2017
Words cut. Time saved. A round-up of key events in the payments enclave. Featuring Australian Settlements Limited, IBM, Mastercard, UnionPay International, Visa and Wirecard. Financial services provider Australian Settlements Limited (ASL) has adopted IBM Cloud for its new payments platform (NPP) implementation. ASL provides members, including building societies, credit unions and mutual banks, with settlement […]
Gaining More Value from Mobile Payments
The right technology—the systems that encourage consumer loyalty and spending—do much more than speed up checkout. An expert explains why.
Mobile Wallets to Boost Convenience for EBT Recipients
Move over prepaid cards. Mobile wallets might be be able to solve for fraud and instant delivery of benefits better than any piece of plastic.
Are Passwords Here to Stay?
Even as security experts lobby for tighter authentication, a study demonstrates that passwords still command the loyalty of consumers. A payments expert discusses why biometrics and other methods lag behind the warhorse of digital protection.
The View from Finovate
Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.
Compliance Titans: Margo Hirsch Strahlberg, U.S. Bank
If Margo Hirsch Strahlberg, prepaid compliance risk management specialist at U.S. Bank, isn’t managing responsibilities at home or work, she tries to steal time away to hit the gym. “I’ve incorporated more weight lifting into my routine,” she says. “My goal is to dead-lift a few copies of the CFPB’s prepaid accounts rule.”
Vacation Savings Plan, Prepaid Card Help Employees Get Away
It’s vacation season, and employers have a new tool to encourage employees to take much-needed time off and come back more productive. 401Play is offering what it calls a vacation savings account program with a companion Capital Prepaid Services’ BlazePays Visa Prepaid Card to help employees save for vacation.
Sweet sixteen keen on CCRManager’s trade finance platform
Sixteen financial institutions (FIs) are onboard for CCRManager’s new electronic platform, developed for the distribution of trade finance, supply chain finance and working capital assets. Bank of China, DBS Bank, ICICI Bank, Swiss Re Corporate Solutions and UniCredit have signed up as members of the platform to support their trade risk distribution businesses. In addition, […]
CFSI Sets the Table for Financial Health
Hoping to build on last year’s success, the Center for Financial Services Innovation is encouraging participants in next month’s FinHealthMatters Day to craft videos, write blogs and plan events that highlight the need for better financial health for U.S. consumers. FinHealthMatters Day is June 27.
People on the Move: Gulra Atak, Citi
Citi has appointed Gulra Atak to lead its innovation lab in Dublin.
Company on the Move: FinCEN, Law Enforcement Awards
The Financial Crimes Enforcement Network (FinCEN) held its third annual Law Enforcement Awards ceremony on May 9 at the U.S. Department of the Treasury.
People on the Move: Bimal Patel, Financial Stability Oversight Council
President Trump has named former banking attorney Bimal Patel to lead the day-to-day operations of the Financial Stability Oversight Council (FSOC).
People on the Move: Chris Gunnare, PSCU
Credit union service organization PSCU has hired Chris Gunnare as chief member experience officer.
