People on the Move: Mark Butler, Qualys Inc.
Qualys Inc., a provider of cloud-based security and compliance solutions, has appointed former Fiserv executive Mark Butler as chief information security officer.
PayTech
SAP launches Blockchain-as-a-Service in the cloud
SAP has launched a blockchain platform – “ready-to-use blockchain technology” – in the SAP cloud.
SAP fires up Leonardo platform for digital innovation
SAP has made a raft of announcements (and promises) at its annual Sapphire conference in Orlando, Florida. Bill McDermott, CEO of SAP, says the company continues to be committed to its “empathy” strategy unveiled last year and the time is now for “the urgency of action”. The vendor has unveiled its new SAP Leonardo platform […]
Amex Study: ‘Gen Z’ Open to Brands, But Demands Seamless, Fast Experience
Consumers age 16 through 22 are open to communication from brands but have high expectations of those brands, demanding high levels of customer service and the latest in omnichannel functionality, according to a new study from American Express.
UBank’s Chatbot Helps Customers with Home Loan Applications
Bank has found another way to use the artificial intelligence-powered virtual assistants. The online-only Australian bank launched RoboChat May 15 to help home buyers—and homeowners who want to refinance—complete UBank’s online home loan application more easily.
French Retailer, Bank Tag Team on Mobile Wallet
France-based retail giant Carrefour and French bank BNP Paribas have joined forces to launch Lyf Pay, a new mobile wallet that supports in-store and P2P transactions as well as loyalty cards, coupons and offers.
Vodafone Sells M-PESA Interest to South African Affiliate
Vodafone has transferred most of its ownership stake in Safaricom—the provider of Kenya’s mega-popular M-PESA mobile money transfer service—to Vodacom, Vodafone’s South African affiliate.
White paper: value of commercial cards for banks and their clients
This free white paper provides a structured framework for measuring performance of commercial card programmes across multiple industry sectors, suggests a range of norms for card penetration and usage, and describes the key data points for measurement. It also describes the actions that card issuers could take to maximise value from the programmes they have running: retaining business that is already fruitful, and nurturing business which could be more abundantly fruitful.
CFPB Prepaid Rule Survives Congressional Repeal Deadline
The CFPB’s final rule on prepaid accounts has survived a bid to repeal it via the Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the May 11 deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table.
P2P rising: new study points to a market on the verge of major growth
P2P payments are proving a big hit with younger consumers.
People on the Move: Brad Fauss, Wirecard North America
Brad Fauss is joining Wirecard North America as general counsel and vice president, compliance and governmental affairs. In his new role, he is responsible for managing the legal, compliance and governmental affairs functions for the North American business. Wirecard, a payments and commerce leader headquartered in Munich, finalized its acquisition of Citi Prepaid Services in March 2017, as part of its global expansion strategy.
Blackhawk Study: Brand Loyalty Can Solve Pain Points for Merchants
Brand power is serious business, according to a new Blackhawk Network study that found consumers trust their favorite brand almost as much as they trust their own families. What’s more, retailers can harness that brand loyalty to help with a bevy of challenges, including driving foot traffic, acquiring new customers and bolstering loyalty among shoppers.
UniRush Starts Paying Off for Green Dot in Q1
Green Dot’s acquisition of UniRush, a deal that closed in February, is already paying off for the company. As part of its first-quarter earnings release, Green Dot said that UniRush not only added $12 million in revenue during its first month of new ownership, but contributed to 6 percent growth in the company’s overall active card base, to 5.05 million.
Startup Enters Teen Market Touting Budgeting Tools, Parental Controls, Charitable Giving
Current, a startup comprised of a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances
Industry views: Trump’s first 100 days
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Fintech M&A round-up: 10 May 2017
Say goodbye to long reads with this brief round-up of the latest buys in the fintech world. Features KPMG, Matchi, Ancoa, Cinnober, Valitor, International Payment Services and AltaPay. KPMG has acquired Matchi, a matchmaking platform that connects financial institutions with fintech companies. The pair have worked together since 2015, so the deal “cements” their relationship. […]
U.S. Credit Cards Gain Ground on Debit, Prepaid, Nilson Says
The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.
Alipay Expands in North America with First Data Deal
The Alipay online payment platform operated by Ant Financial Services Group is moving further into North America through an agreement with payments technology provider First Data. Alipay is considered the world’s largest online and mobile payment platform, with more than 450 million global active users.
Former MoneyGram Compliance Chief to Pay $250,000 Fine
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
Alipay attacks Apple in North America expansion
Alipay is teaming up with First Data in North America as it looks to take a bite out of Apple’s market share. As Banking Technology previously reported, Alipay has been gaining plenty of traction around the globe – with HelloPay Group in Asia merging with Ant Financial (which runs Alipay); and inking deals with European […]
WorldFirst launches international payments platform for SMEs
WorldFirst has unveiled World Account, an international payments platform for SMEs and online sellers. The company states the account offers international banking functionality on one platform. It says “many businesses waste time and money” trying to open up bank accounts in new currencies. These accounts are also often held in the UK resulting in “additional […]
Square Cash Gets Physical with Companion Prepaid Card
Square Inc. has begun rolling out a physical plastic card for use with the company’s Square Cash P2P money transfer service—a move that could help differentiate the service from its P2P competitors by making it easier for users to instantly spend funds they receive via transfer.
Amid Brexit, London Keeps its Fintech Glow—but Berlin Might Change That
Score one for London. Even as the U.K. prepares to leave the European Union through Brexit, the British capital and banking and investment center stands as the global hub of fintech, according to Paybefore readers.
Starling Bank Unveils Real-Time Mobile Payments
U.K. challenger bank Starling is staying busy with the launch of its real-time mobile offering, Starling Payment Services. The new division of the bank will offer sponsorship access to the U.K.’s major payment schemes, enabling other banks, payment service providers and fintech companies to use real-time payments from the summer.
Fintechs blast banks over PSD2 direct access angst
A group of fintech companies and associations are asking for changes to the second Payment Services Directive (PSD2) due to fears it will force them to become technologically dependent on banks. The coalition of 60 European Union (EU) based entities have signed a seven-page manifesto seeking the European Commission (EC) to make changes to the […]
Banks banking on APIs for payments and beyond
Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows. Paybefore (Banking Technology‘s sister publication) reports that an Aite Group study canvassed product and digital channel managers at Asia-Pacific, European and North American banks, and found that those […]
Time Running Out for CRA Rollback of Final Prepaid Rule
The clock is winding down for Congressional lawmakers to repeal the CFPB’s final prepaid accounts rule under the Congressional Review Act (CRA). Under that law, Congress has until May 9—60 legislative days after the law was published in the Federal Register—to repeal the prepaid rule by simple majority vote in the Senate. But with lawmakers currently in the midst of negotiations over a revised health care bill and Democratic opposition to the rollback likely to be strong, proponents of a repeal could run out of time.
PayNearMe Expands Bill-Pay Service with CVS Deal
With 27 percent of U.S. households unbanked or underbanked, according to the most recent FDIC report on the subject, PayNearMe continues in its efforts to make it easier for such consumers, as well as those who prefer not to use plastic or checks, to pay bills using cash.
Results Are In for Top Payments Consultants
In spirited voting, the payments industry has chosen the top five consultants who help their businesses thrive by providing perspective, research and strategic planning. Surprisingly, write-in candidates played a key role in shaping the top five list—one of them received nearly 6,500 votes.
People on the Move: Nelson Holzner, AEVI
European fintech specialist AEVI—a subsidiary of Diebold Nixdorf—has appointed Nelson Holzner as CEO.
People on the Move: Alenka Grealish, Celent
Alenka Grealish has joined the banking practice of research and advisory firm Celent as a senior analyst, based in San Francisco.
People on the Move: Thomas Curry, Stepping Down as Comptroller of the Currency
U.S. Comptroller of the Currency Thomas Curry will step down on May 5, 2017, after completing his five-year term in the role.
People on the Move: Marianne Sullivan, Finicity Board
Financial data aggregator Finicity has expanded its board of directors with the addition of Marianne Sullivan, who will assume the role of audit committee chair.
People on the Move: IMPACT, New Managing Directors
IMPACT Payments Recruiting has promoted long-time employees Marc Badalucco, Marc Keller and Brian Blume to managing directors.
People on the Move: Ed McLaughlin, Mastercard
Mastercard has named Ed McLaughlin president, operations and technology.
People on the Move: OSPT Alliance, Board of Directors
OSPT Alliance, the technical industry body behind the CIPURSE open-security standard for contactless fare collection systems, has announced its board of directors for 2017.
People on the Move: Glynn Frechette, PSCU
Credit union service organization PSCU has named Glynn Frechette as senior vice president of Advisors Plus, PSCU’s division of strategic consultants and marketing experts.
People on the Move: Retail Gift Card Association, Board of Directors
The Retail Gift Card Association (RGCA), the nonprofit trade organization representing the closed-loop gift card industry, has announced its 2017-2018 board of directors and executive committee.
People on the Move: Phil Gura, Sionic Mobile
Phil Gura has been named chief legal officer and executive director of fuel retail for mobile loyalty and payments platform provider Sionic Mobile.
Payments: correspondent banking faces its future
In an increasingly globalised economy, payments have struggled to keep up and pressure is mounting on the traditional correspondent banking model.
