Simple’s move to a new bank API leaves some customers stranded
Moving accounts to Simple’s parent bank’s API is not that simple.
PayTech
Intesa Sanpaolo, EBA Clearing Complete Pan-European Instant Payment Test
Italy’s largest retail bank, Intesa Sanpaolo, and EBA Clearing have successfully completed their first user testing activities on financial technology provider Dovetail’s solution for EBA’s pan-European real-time payment platform.
Global Payments Launches Mobile Payments, Access Platform for Campuses
A year after diving into the campus card vertical with the $4.3 billion acquisition of Heartland Payment Systems, Atlanta-based technology provider Global Payments has unveiled its new TouchNet OneCard VIP service, which the company describes as a single point of access to campus life.
Google’s Android Pay Gets a Hand from Banks
Google is banking on mobile apps to boost its mobile wallet. The Android Pay parent has linked that service to a handful of banking apps, giving consumers the ability add their cards more quickly to the mobile wallet.
India Meal Vouchers Go Digital: Paytm, Zeta Launch Electronic Alternatives
Competition in the corporate meal voucher market in India is heating up as providers are launching alternatives to paper vouchers, which the Reserve Bank of India will no longer allow beyond 2017. Among them is online commerce platform Paytm and electronic payments provider Zeta.
Top fintech stories this week – 14 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
More banks get mobile with Android Pay
Like an astute player of the Risk board game, Android Pay’s global expansion plans continue apace as it is working with several banks to let their customers add cards to its service from a mobile banking app. The latest banks include Bank of America, Bank of New Zealand, Discover, mBank and USAA. They follow on […]
What’s Behind the Rise of Carrier Billing?
As the payment method gains popularity, an expert explains why young consumers buying digital content, including games, and transit tickets with their phones will be keys for the future.
What If You Could Make Prepaid More Profitable?
What does Russell Simmons know that banks don’t? GPR can be profitable. Find out how.
The Missing Piece in B2B Air Travel Payments
A highly fragmented sales environment along with unnecessary expenses are among the main pain points for B2B payments for air travel. Here is what needs to improve.
What’s Next for Mobile Ordering?
As major companies report success from mobile ordering, an expert shows what payment providers have to consider before taking the next step.
The CFPB and Dodd-Frank Could Face another Congressional Threat
Congressional Republicans hoping to hobble the CFPB and unwind the law that supports it, the Dodd-Frank Act, have another tool at their disposal.
PayPal’s TIO Offer Wins Shareholder Approval
PayPal’s bid to acquire Vancouver-based bill payment specialist TIO Networks has been approved by TIO shareholders, who overwhelmingly voted in favor of the proposed sale at a special meeting this week.
SWIFT Strengthens Security with New Payment Controls
SWIFT has launched a real-time payment controls service to add to its customers’ existing fraud controls. The fraud and cybercrime prevention service permits its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission,” according to an April 12 company announcement.
Swift calling time on cybercrime with new payment controls
Swift has unveiled a new real-time payment controls service to add to its customers’ existing fraud controls. The new fraud and cybercrime prevention service will enable its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission”. Yawar Shah, chairman of Swift, […]
Contactless payments ramp up in 2017
Following the announcement WhatsApp will enter into the mobile payments arena, new estimates from Juniper Research claims Apple Pay contactless users will nearly double over 2017.
Mastercard Wins U.K. Approval for VocaLink Buy
The U.K.’s Competition and Markets Authority gave its blessing April 11, enabling Mastercard to complete its acquisition of 92.4 percent of VocaLink Holdings for $920 million. The deal, which is expected to close within weeks, gives Mastercard control of a large portion of the U.K. transaction processing market.
Urban FT taps Sunrise Banks for prepaid partnership
White-label digital banking services provider Urban FT is joining forces with Sunrise Banks.
Harland Clarke Pays $630 Million Premium for RetailMeNot
No doubt banking on the value consumers will place on integrating online coupons into the purchasing experience, payments provider Harland Clarke has agreed to purchase merchant offers marketplace RetailMeNot Inc., in a deal valued at around $630 million.
CFSI, Chase Seek Fintech Startups for Financial Health Awards
Fintech entrepreneurs still have a few weeks left to win financial backing from two big players in the payment space. The Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab) plan to award $250,000 to programs that help consumers build financial health, “with a special focus on those communities that are frequently underserved, such as older Americans, communities of color, people with disabilities and products that address the gender wealth gap.”
DeVere delves deeper into fintech space with e-money app launch
Financial consultancy firm DeVere Group has launched an app-only e-money service as it pushes deeper into the banking and fintech sector. As Banking Technology reported last month, the group took advantage of Lithuania’s ambitions to attract fintech firms and set up a new office in the capital Vilnius. This was preceded by the unveiling of […]
Mastercard AIs up future with start-ups
Mastercard has welcomed five new start-ups to its Start Path Global programme – its initiative to boost its share of the commerce market. The programme is open to all start-ups who focus on banking and payments and have raised a “significant seed” or Series A round of investment. Three out of the five firms joining […]
U.S. Rep. Tipton Pushes for Longer CFPB Prepaid Rule Delay
The CFPB accepted comments on its proposed delay of the effective date for its final rule on prepaid accounts through April 5. Rep. Scott Tipton (R-Colo.) likes the idea of a delay so much, he’s proposing giving the industry even more time.
Executive Profile: Walt Granville, Digiliti Money
From his current role as senior vice president of mobile innovations at Digiliti Money (formerly Cachet Financial Solutions), Walt Granville has the perfect vantage point to see the transformative power of mobile for prepaid programs. Find out more from the former pro runner, including which apps are on his must-list, where he sees prepaid in five years and the trend he’s watching most in 2017.
Top fintech stories this week – 7 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Are You Protected from Contact Center Fraud?
Payments companies are used to defending themselves against fraud from all sorts of angles, but they would do well to mind the phones. By 2020, 75 percent of omni-channel, customer-facing companies will face a targeted attack, with the contact center as the primary point of compromise, according to Gartner research.
Western Union App Integrates Apple Pay
Facing increased competition from mobile P2P services, money transfer giant Western Union has made a move to bolster its own mobile offerings. U.S.-based users of Western Union’s mobile app now can use Apple Pay to send money from within the app domestically, or to more than 200 countries and territories.
People on the Move: Anwar Tameez, The Bancorp
Anwar Tameez has joined The Bancorp as managing director, head of operations.
Company on the Move: BBVA, Joining Hyperledger
Spain-based financial services group BBVA has officially joined Hyperledger, a global coalition working to advance blockchain technologies in various corporate sectors.
Company on the Move: Cachet Financial Rebranding as Digiliti Money
Mobile money and remote deposit capture specialist Cachet Financial Solutions Inc. has changed its name change to Digiliti Money Inc.
People on the Move: Ray Seefeldt, Edge Consultancy
Edge Consultancy has hired Ray Seefeldt to lead its e-security and risk management practices.
People on the Move: Sandy Arkell, Mastercard
Mastercard has appointed Sandy Arkell as executive vice president, corporate controller and principal accounting officer, effective May 5.
People on the Move: Market Development Heads, Pay360
Pay360, the payments business of global software solutions provider Capita, has appointed four new market development experts.
Company on the Move: RegTech Association, Launch
A group of 13 Australian financial services and technology startups has come together to form the RegTech Association, a consortium focused on encouraging collaboration between startups and other stakeholders in the regulatory technology, or “regtech” space in Asia-Pacific.
FDIC Savings Pilot Helps Students, Banks
Students gain financial literacy and banks develop important relationships with the community and new banking customers as shown in the FDIC’s Youth Savings Pilot.
Credit Card Complaints Increase in CFPB’s Latest Snapshot Report
Billing disputes and fraud, identity theft and embezzlement are among the most common complaints that consumers have about their credit cards, according to the CFPB.
States Square off in Fight over CFPB Leadership Structure
The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.
PIF Seeks Clarity, Exemptions as U.K. Moves toward PSD2
As the U.K. moves ahead with plans to implement the revised Payment Services Directive (PSD2), the Prepaid International Forum (PIF) has asked regulators for more clarification on certain aspects of how the framework will be applied in the country.
Class Action Filed Against Bank over Prison-Release Cards
A proposed class action lawsuit was filed by a former prisoner who claims he had no choice but to receive a prepaid card upon his release instead of the cash he arrived with, minus any card fees he was charged.
Supreme Court Finds N.Y. Surcharge Laws Regulate Speech
The Supreme Court issued a unanimous decision finding that a New York law prohibiting merchants from disclosing surcharges to cover the costs of credit card processing while allowing for discounts in the case of cash transactions regulated speech
