People on the Move: Steve Pruitt, Americhip
Steve Pruitt has taken on the role of director of new business development for the Americhip Gift Card Group, a provider of print, specialty packaging, shopper marketing and gift card programs.
PayTech
People on the Move: Jo Kenrick, Bacs Board
Jo Kenrick has been named an independent director on the board of Bacs Payment Schemes Ltd., the network behind the clearing and settlement of U.K. automated payment methods, direct debit and Bacs direct credit, as well as the Current Account Switch Service and the Cash Isa Transfer Service.
People on the Move: Elly Hardwick, Philip Milne, Deutsche Bank
Deutsche Bank has made two leadership appointments to its fintech innovation team. Elly Hardwick will become head of innovation for the bank, while Philip Milne has been named chief technology officer (CTO) for innovation.
Company on the Move: GlobalPlatfom, New China Task Force
GlobalPlatform, an industry body which standardizes the management of applications on secure chip technologies, has launched a China Task Force to give Chinese members and all GlobalPlatform members with business interests in China a dedicated platform to identify and agree on requirements from the region and work directly with Chinese industry and standards associations.
People on the Move: Miguel Vias, Ripple
Blockchain-based financial settlement solutions provider Ripple has named Miguel Vias as head of XRP markets.
People on the Move: Crystal Caligiuri, ShopKeep
Cloud-based m-POS solutions provider ShopKeep has appointed Crystal Caligiuri as the company’s new senior vice president of operations and customer care.
Citi Prepaid Talks Samsung Pay Rewards, Tipping Point for Incentives
Most of the talk around Samsung Pay’s new points-based loyalty program has been about whether it can spur mobile wallet adoption. But the in-app delivery of a virtual prepaid rewards card could mark a substantial shift for the incentives business, according to Brad Garfield, global product head for Citi’s corporate and public sector prepaid cards.
American Express Acquires Mobile Authentication Provider
Fraud prevention is driving payments acquisition activity, with two major moves by the networks in the last two weeks. American Express has acquired InAuth Inc., a provider of mobile device authentication and intelligence solutions, which follows Visa’s announcement of its plans to acquire e-commerce authentication specialist CardinalCommerce, which operates the largest authentication network in the world, according to the company.
Western Union Gains Mobile Momentum with Investment in Billing Specialist
Western Union continues to expand its presence in the mobile vertical with an investment in Walletron Inc., a provider of mobile wallet bill presentment and payments services. The investment follows a deal struck between the companies earlier this year, under which Western Union’s Speedpay electronic bill payment service began offering biller clients the option to incorporate Walletron’s moBills platform.
Can PayPal, Google Holiday Promotions Spur Long-Term Adoption?
PayPal and Google’s Android Pay are making the holidays more festive with new promotions, but will they lead to more consumer usage? PayPal says it’s making its P2P payment service “more personal and heartfelt,” while Android Pay is offering U.K. users a free gift when they use the mobile wallet for purchases.
Russia Says Cybercriminals Stole $31 Million from Central Bank
Cybercriminals have stolen about $31 million from Russian Central Bank accounts, according to a Reuters report. The hackers broke into bank accounts after faking a client’s credentials, a bank spokesman said at a briefing, disclosing few other details. In a separate instance, Russia had recently warned about a plot by foreign countries to wage cyberattacks on its financial institutions.
The Future Is Now: Helping Merchants Engage Consumers
Whether it’s digital coupons, next-generation mobile apps or using augmented reality technology to enhance shopping, have no doubt: That future is here and it’s all about engagement. Paybefore sat down with Amy Parsons, vice president and head of global commerce, Discover Global Network, to get her take on what’s ahead.
Blackhawk Network Connects Merchants to Apple Pay
Blackhawk Network said Dec. 5 that it will “integrate gift cards, e-gifts, loyalty and rewards programs into Apple Pay,” a move that could make the mobile wallet more attractive to consumers.
Visa Buys World’s Largest Authentication Network
Visa Inc. has acquired e-commerce authentication specialist CardinalCommerce in a move the payment network called a bid to amp up security for online and mobile transactions and reduce fraud. Visa already provides Cardinal’s services to merchants and acquirers through its CyberSource enablement platform.
Payment Networks Give Fuel Sellers Reprieve amid Shortage of EMV-Compliant Fuel Pumps
Three of the four major U.S. networks have pushed back the EMV liability shift for fuel pumps three years. The cost of EMV migration at the pump—which is more extensive and complex than POS changes and can require pump replacement—now can be spread out over a longer implementation period, Randy Vanderhoof, director of the U.S. Payments Forum, tells Paybefore.
OCC Encourages Fintech Companies to Apply for Federal Banking Charters
Fintech companies seeking charters would have to fulfill multiple requirements under the proposal, including performing core banking services.
Digital messaging platform Viber gets banking chatbot
Comtrade Digital Services has built an automated banking platform that enables users of online/mobile messaging platform Viber to perform a range of banking operations entirely through a chatbot.
Bancorp Bets Big on Fintech with Cube8 Innovation Lab
The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will “explore unconventional–even radical–ideas in financial technologies” with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue, Bancorp said.
Mastercard Battles Fraud, False Declines with AI-Based Tool
Mastercard is employing artificial intelligence to improve the accuracy of real-time transaction approvals by minimizing false declines and fraud. Decision Intelligence, Mastercard’s decision and fraud detection service, is available across all markets for all Mastercard brands and products, according to the company’s Dec. 1 announcement.
FIS to Offer Zelle Network P2P Service
Financial services providers that work with FIS will be able to ramp up their real-time payments capabilities quickly now that the company is integrating with Early Warning’s Zelle Network P2P service. Using FIS PayNet and the financial technology provider’s open payment framework, the P2P service will be offered as part of FIS’s other real-time payment services, such as digital e-gifting, bill payment and external transfers.
In Wake of Cash Restrictions, Prepaid Cards Target Migrant Workers, Tourists in India
With India’s recent banning of high-denomination paper currency pushing the country’s traditionally cash-dependent economy further toward electronic payments, two new prepaid products have launched there to serve the needs of specific market segments.
Cachet Revamps Prepaid Mobile Platform for Faster App Design, Deployment
Cachet Financial Solutions has upgraded its Pay Award-winning Select Mobile Money prepaid mobile platform with enhancements that enable program managers to design and launch branded apps more quickly, as well as provide cardholders with a new international money transfer service.
PFS Issues Prepaid Mastercard for Refugees in Greece
To improve the plight of refugees in Greece, Prepaid Financial Services (PFS) has partnered with Samaritan’s Purse, a Christian international relief organization, to launch a financial aid program in which funds are being disbursed via a Mastercard-branded prepaid card. U.K.-based payments technology provider PFS is issuing the cards.
CFPB Warns Banks about Deceptive Sales Practices
Incentives that banks offer employees to increase sales can pose “significant” risks to consumers, the CFPB warned this week in a new bulletin following record fines assessed to Wells Fargo for opening millions of unauthorized consumer accounts.
Apple Wins Mobile Wallet Victory in Australia
Apple has scored a big win in Australia for the company’s mobile wallet. That country’s competition regulator has denied a request by big local banks to collectively negotiate over the introduction of Apple Pay there.
Fintech funding round-up: 29 November 2016
We’ve summed up the latest funding efforts and results in the fintech space – so you don’t have to! Featuring Billon Group, Stripe, figo and Finimize.
Young, Connected Consumers Help Drive Shopping over Thanksgiving
Holiday buying declined slightly over the Thanksgiving weekend, but more consumers were shopping, according to the National Retail Federation. The trade group estimates that some 154 million U.S. consumers shopped over the holiday weekend, up 1.9 percent from 151 million last year, but the average shopper spent about $289.19 this year, down about 3.6 percent from $299.60 in 2015.
New funding round values Stripe at $9.2bn
San Francisco-based online and mobile payments technology provider Stripe was valued at $5 billion during its previous funding round in July 2015—meaning its valuation nearly doubled in less than a year and a half.
Prepaid International Forum Argues against European Plan for Online Authentication
The European Banking Authority in January is set to release its online transaction rules in response to the revised Payment Services Directive, or PSD2, which calls for “strong customer authentication” for online payments. Visa also opposes the measure.
Report: Fraudsters Getting into Holiday Spirit
It’s the most wonderful time of the year for fraudsters, who are expected to ramp up global online fraud attempts by 12 percent over the upcoming holiday season compared with last year, according to new data from ACI Worldwide.
Top fintech stories this week – 25 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech funding round-up: 24 November 2016
Let’s put the fun in funding by keeping it mercifully brief. Money seekers are PayKey, Euklid and Flender.
Paysafe Pulls Prepaid Product from 100 Countries
Paysafe Group reportedly is pulling the plug on its Neteller and Skrill prepaid Mastercard cards in 100 countries on Friday. The move, which affects a product popular with online gamblers, apparently does not apply to North America or the 34 countries that are part of the Single European Payments Area.
FDIC Recordkeeping Rule Includes Alternative for Prepaid Accounts
The FDIC’s final rule establishing recordkeeping requirements for large financial institutions offers some relief for banks that hold prepaid accounts insured under pass-through coverage, but there’s still a lot of heavy lifting to be done for covered institutions.
Visa Changes EMV Debit Card Routing Process amid Federal and Merchant Pressure
Visa has modified and clarified debit network routing rules, following recent FAQ guidance issued from the Federal Reserve and to address a Federal Trade Commission inquiry.
NRF: Gift Card Spending to Bounce Back
The holiday season is upon us and many shoppers plan to give gift cards this season, according to a consumer trends survey by the National Retail Federation. What’s more, spending on gift cards this year is expected to outpace spending in 2015.
People on the Move: Nasir Zubairi, Luxembourg House of Financial Technology
Nasir Zubairi has been named CEO of the Luxembourg House of Financial Technology (LHoFT), a new public-private initiative aimed at advancing Luxembourg’s fintech and financial services industry.
People on the Move: Tapan Bhat, NerdWallet
San Francisco-based personal finance company NerdWallet has named Tapan Bhat as its first chief product officer.
People on the Move: Matthias Setzer, PayU
Online payment service provider PayU has appointed Matthias Setzer as its global chief commercial officer.
Company on the Move: Prepaid International Forum Benefactors, Mastercard, Neopay
The Prepaid International Forum (PIF) has announced that Mastercard and Neopay have become benefactors of the 10-year-old prepaid financial services trade association.
