Alpari Bank and Attic Lab embark on blockchain-based e-money project
A Ukrainian fintech start-up, Attic Lab, has signed a deal with a local bank, Alpari Bank, to implement blockchain-based banking system SmartMoney.
PayTech
Top ten digital bank initiatives in 2016
Look back at some of the major digital bank initiatives across the globe in 2016, with Banking Technology’s top ten.
Top ten fintech opinion pieces in 2016
Look back at some of the most interesting and thought-provoking opinion pieces on all matters fintech published by Banking Technology in 2016.
Top ten core banking software projects in 2016
Look back at some of the major core banking software projects in 2016, with Banking Technology’s top ten.
Top ten fintech events in 2016
Look back at some of the major fintech events in 2016, with Banking Technology’s top ten! Sibos 2016: markets still in “Dante’s circles of hell” It’s the big one. And this is just one snippet from our extensive coverage of Sibos in Geneva. We also produced videos, published Daily News at Sibos, had fun with […]
US chip and PIN card roll-out – let’s shorten the time to process; where do I sign!
From a technology perspective, the family home has decided to rush headlong into the 21st century. When our home was built we thought we were being extremely progressive in having a Panasonic “4 lines, 10 extensions, PBX” installed with separate lines for my wife and myself and then a line for business and yes, one dedicated line for the fax machine. Cool… but fast forward a decade and a half and with the home up for sale, we were politely advised to take out all those handsets and close the door on the PBX.
Banking and payments tech vendor D+H up for sale?
North American banking and payments tech vendor DH Corporation (D+H) has set up a committee to review its possible sale, it is understood.
Plan Would Require Declaration of Prepaid Cards Shipped into EU
A proposed plan by the European Commission (EC) to combat terrorism financing would require customs declarations for prepaid cards sent in postal parcels or freight shipments into or out of the EU. Currently, cards sent or shipped across EU borders are not covered by the standard customs declaration requirement. Coming in the wake of a truck attack in Berlin that left 12 people dead and dozens wounded, the proposal is part of the EC’s action plan against terrorist financing, an initiative unveiled in February 2016, designed to help EU nations cut off the supply of funding for terrorist activity.
Too Close for Comfort? PayPal Sues India’s Paytm over Logo Similarities
Growth brings the fierce attention of competitors, a lesson that India-based online commerce platform Paytm is learning. U.S.-based PayPal reportedly has filed a copyright suit against the firm, alleging that the blue color scheme of its logo, along with the fact that “pay” is the first word of the company’s name, is deceptive, according to eMarketer.
Questions about Your Finances? Ask Varo Money’s Val
Varo Money announced it’s developing a chat bot for its mobile app. The San Francisco-based mobile-only banking startup, which is offering private-label banking services via The Bancorp, expects to launch “Val” early next year. “She” is part of a steady stream of chat bots that have been announced in 2016 by banks, merchants, tech companies and handset makers to improve customer loyalty, reduce costs and boost revenue, among other benefits.
People on the Move: Anders la Cour, Emerging Payments Association Advisory Board
Anders la Cour, co-founder and CEO of cross-border payments specialist Saxo Payments, has been appointed to the Emerging Payments Association (EPA) advisory board for 2017.
People on the Move: Javier Santamaría, European Payments Council
The general assembly of the European Payments Council (EPC), a representative body of European payment service providers, has re-elected Javier Santamaría as its chairman, effective immediately and running for the next two years.
People on the Move: John Incandela, Pango
John Incandela has been named president and CEO for the U.S. operations of Pango, a provider of mobile payment services for parking, transit, ride-hailing and other urban services.
Company on the Move: PayCommerce, New Dubai and Ontario Offices
Cross-border payments network and banking consortium PayCommerce has opened new offices in Dubai and Ontario, Canada.
People on the Move: Tom McCole, Posera Board of Directors
Posera Ltd., a provider of software solutions for the hospitality industry, has appointed Tom McCole to the company’s board of directors, effective Jan. 1, 2017.
People on the Move: Ian Horsted, Ned Horsted, R&P Group
Payments and fintech recruiting firm R&P Group has promoted Ian Horsted to the role of senior vice president, recruiting, sales practice executive.
People on the Move: William Pruett, Gaylon Jowers, Allen Pettis, Kelley Knutson, TSYS
TSYS has announced several leadership changes and a restructuring of its business divisions.
People on the Move: Ruth Prior, Worldpay
Ruth Prior, currently deputy CFO at global payment processor and technology provider Worldpay, will become the company’s first chief operating officer.
Top five banking tech case studies in 2016
Our pick of banking tech and fintech case studies – published by Banking Technology in 2016.
Walmart, Green Dot See Quick Adoption of Savings Program
In the face of approximately 67 million unbanked or underbanked U.S. adults, and 90 percent of households saving less than 2 percent of their disposable incomes, according to the Center for Financial Services Innovation and the Fed, respectively, Walmart and Green Dot are helping prepaid cardholders shore up their finances through a prize-based savings program.
Report: Prepaid Fundamentals Strong, but Uncertain Waters ahead
Over the next two years, closed-loop prepaid loads are on the way up, store returns on the way down—and most other prepaid numbers could go either way depending on a host of factors. Those were among the main takeaways from Mercator Advisory Group’s 13th Annual U.S. Prepaid Cards Market Forecasts, 2016–2019. The report examines load, growth and market dynamics in the U.S. across all prepaid segments.
The Future Looks Bright for Blockchain and B2B Payments
Tapping into two expanding markets, BNP Paribas said Dec. 21 it had completed its first cross-border B2B payments between corporate clients using blockchain, the technology that underlies bitcoin transactions. The move comes as other major financial institutions seek to invest in blockchain and there’s a rush of providers trying to displace checks in the corporate payments space, particularly for cross-border payments.
Varo Money to launch bot and money coach, Val
Mobile banking app Varo Money is brining to market a chatbot and “money coach”, Val. Val is powered by Kasisto’s KAI Banking bot and “delivers insights into spending, savings, borrowing and helps people set goals as well as offer updates and encouragement about their progress”.
BNP Paribas trials blockchain payments for two corporate clients
BNP Paribas has processed “several live payments” using blockchain technology for two of its corporate clients, Amcor and Panini Group.
Don’t Let Declines Ruin Your Customer Experience
With so many payment options available, it’s vital for merchants to have reliable technology and networks in place to ensure that transactions run properly and declines are kept to a minimum. But what are the most important steps for increasing the quality of acceptance across card types and brands? Discover Global Network offers some answers.
Stressing Accountability, Green Dot Proposes 1-Year Board Terms
After a year that saw activist stockholders call for more accountability and a shakeup in company leadership, Green Dot Corp. has unveiled a plan to make each member of its board of directors subject to annual re-election. The initiative calls for a change to the company’s certificate of incorporation to declassify all board seats. Currently, the board consists of three classes, with members of each class elected for three-year terms on a staggered basis, such that the terms of each class expire in successive years, according to the company.
Wirecard takes boon from POS to online with prepaid
Wirecard is using prepaid as a bridge to online payments for its boon mobile app.
Vantiv Names Top Trends for Banks in 2017
Fraud and fintech partnerships; big data and blockchain—all are among the hottest topics in payments—and will continue to be major forces shaping the industry in 2017, according to a new report from Vantiv Inc. The first installment of the payment processor and technology solutions provider’s Trends to Watch in 2017—focused on financial institutions—tabbed those four areas as especially important points of emphasis for banks in the New Year.
Digital Payment Growth in India Brings Initial Headaches
While digital payments providers have enjoyed significant boosts in transaction volume—some as much as triple-digits—since the government banned two popular currency notes, the uptick in digital payments also has led to online traffic jams and fraud, according to several news outlets.
Mastercard, Visa Team on Tokenization
Mastercard and Visa have joined forces in a bid to help fast-track the adoption of tokenization for mobile and online payments—and, eventually, payments via connected devices within the Internet of Things (IoT). A new partnership between the rival networks enables tokenized Mastercard payment credentials to be provisioned into Visa Checkout, and, in turn, tokenized Visa credentials to be provisioned into Masterpass.
Meta Financial Group makes another tax-refund move
MetaBank has finalised its purchase of a tax refund loan company.
Study: Mobile Payments to Reach $410.5 Billion by 2020 as M-Wallets Flood Market
A plethora of mobile wallets and payment apps are expected to flood the market in the next two years, and the sheer number of choices are likely to “confuse” many consumers, who ultimately might look to their financial institutions to be their mobile wallet provider, according to a recent report by Javelin Strategy & Research.
Fidor teams with Token for digital payments
Token, a Silicon Valley-based crypto-payment software provider, and digital bank Fidor have signed a memorandum of understanding (MoU) for digital payments. The MoU will see Token’s software made available within Fidor OS, its digital banking and open community middleware solution. Steve Kirsch, founder and CEO of Token, says its software enables banks to “call the […]
Solving the Shopping Cart Abandonment Puzzle
You can design your Website to be mobile-friendly, engage the right search engine optimization (SEO) strategy to attract eyeballs and create compelling content to engage consumers. But if your checkout process has inefficiencies, you could lose sales from customers who abandon their shopping carts—an outcome that is more common than one may think, and for reasons that could easily be avoidable.
Citi and FIS get pally with PayPal
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
CFPB Takes Aim at Accounts Marketed to College Students
Five months after Department of Education rules regulating financial aid disbursements went into effect, the CFPB released a report on Dec. 14 claiming that marketing deals between banks and colleges often promote financial products that lead to high overdraft and other fees. Meanwhile, industry observers note that overdraft—when permitted—requires students to opt-in and there are other ways to avoid fees.
PayPal Opens Wallet to Banks with Citi, FIS Deals
After reaching deals earlier this year with Mastercard and Visa to stop steering users away from paying with cards in favor of ACH, PayPal Inc. has struck pacts with Citi and FIS that will enable U.S. consumers to pay with bank-issued cards and accounts within the PayPal app for in-store and mobile purchases.
InComm Takes Tech to Target Australia POS
Atlanta-based prepaid product and transaction services company InComm is expanding its partnership with Target Australia from offering gift cards at Target’s online gift card store to launching point-of-sale technology in all 306 Target stores in the country.
Amex Bot Enhancement Enables Purchases on Facebook and Messenger
The expanded capability enables U.S. consumers and small businesses with OPEN cards, to add American Express card and billing information to their Facebook accounts. Once the information is added, cardholders can make in-game purchases and shop on business’ Facebook pages.
Cash Still King for P2P, Even Among Millennials
A recent study from VocaLink polled more than 5,000 U.S. consumers ages 18 to 35 on their payments behavior and preferences. And while the survey found that cash has lost ground to cards for most types of payments, it’s stubbornly clinging to the No. 1 spot when it comes to P2P.
