The recent surge of bank-backed mobile wallets continues, with Citi the latest financial institution to announce it’s getting into the game. The bank on Nov. 10 unveiled its Citi Pay app, which will enable customers to make online and mobile purchases using their Citi card accounts via Mastercard’s Masterpass digital payments service.
Electronic payments providers in India are celebrating the Indian government’s abolition of the Rs 500 ($7.46) and Rs 1,000 ($14.92) currency notes, which went into effect Nov. 8, because it’s driving transactions to their platforms.
As an online retailer heading into the holidays with approximately $105 billion in sales up for grabs, competing for spend is a top priority.
PayPal is bringing its users “an early holiday present” – the integration of Siri into PayPal.
Card fulfillment and manufacturing specialist CPI Card Group has appointed Jay Arbabha as chief technology officer, responsible for leading the development of CPI’s technology strategy and IT operations.
Fifth Third Bancorp has named Aravind Immaneni as executive vice president and chief operations and technology officer.
The recently published Chambers UK 2017 legal ratings recognized several Locke Lord LLP lawyers as leading practitioners in their respective practice areas and recognized two of the firm’s U.K. practice areas for excellence.
MYPINPAD, a U.K.-based provider of multifactor authentication for touchscreen devices, has named Steve Perry to the company’s board as a non-executive director.
The U.S. Office of the Comptroller of the Currency has named Morris Morgan as the agency’s senior deputy comptroller for large bank supervision.
Ian Horsted, vice president at R&P Group, has been awarded the U.S. Recruiters Network award for Sioux Falls Area Top Producer for Q3 2016.
Square Inc. has hired Hillary Smith as the company’s general counsel.
Payment solutions provider TMG Financial Services has hired Shawna Pritchard as a collections manager and also has promoted Jennifer McGinley to the role of manager of client service.
Parth Desai, CEO and founder of Pelican, discusses why artificial intelligence (AI) is already fact not a fantasy, but cautions that we need to be realistic about what can really be achieved on the journey to true AI adoption in transaction banking and payments.
With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?
Prison cards are under fire again, this time in Arizona. Bank of America has been named in a proposed class action lawsuit over claims the bank charged excessive fees on prepaid cards issued to former prison inmates in the state.
Fintech companies and challenger banks in the U.K. have a new tool for targeting consumers without traditional banking relationships. Prepaid card issuer Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is working with payments processor GPS and Bottomline Technologies to support a digital banking solution called “U,” which was designed by U.K. program manager FFF Ltd.
Visa-backed mobile payments will expand in Africa thanks to a deal with pan-African banking group Ecobank. The agreement follows a similar one the bank struck with Mastercard in 2014.
From payments robots to data analytics and customer engagement, find out what got FIS payments execs excited at Money20/20.
SEB has teamed up with blockchain specialist Ripple to enable SEB customers to make real-time transfers between SEB accounts in Stockholm and New York. This is “the first step” of a larger blockchain-based payments project.
It may not be surprising that MCX’s largest member will support Chase Pay, but it’s still a coup for the bank-backed mobile wallet, which already has deals with some other retail heavyweights. Walmart will begin accepting Chase Pay starting in 2017.
With holiday shopping expected to kick into high gear after this week’s U.S. presidential election—and gift cards at the top of everyone’s list—shoppers looking for the perfect gift will have a new option: Gift of College Gift Cards. Atlanta-based technology provider InComm is working with Gift of College to distribute the gift cards, which can be used to contribute to any 529 college savings plan, at Toys“R”Us and Babies“R”Us stores.
U.K.-based Tesco Bank was the victim of a security breach over the weekend that exposed thousands of customer accounts, half of which had money removed. The bank’s fraud security systems detected “suspicious activity” Nov. 5, affecting approximately 40,000 accounts, and 20,000 of those accounts had money stolen from them, a Tesco Bank spokesperson tells Paybefore.
Ride-hailing service Uber has partnered with Mexico-based digital bank Bankaool to launch a new debit card to reach riders without access to a bank account. Linked to an account with the Mexican online bank, the Mastercard-branded UberCard could help drive ridership of Uber among consumers in Mexico who don’t have a traditional payment card to link to the app.
California already has a way to protect consumers from predatory lending practices while also encouraging the kind of innovation that leads to increased access to responsible and affordable credit—especially for those most often left out of the financial mainstream.
Oct. 5, 2016, the CFPB released its final rule governing prepaid accounts. The final rule and its commentary come in at nearly 1,700 pages. Find out what products are covered under the rule, what triggers Reg Z and what still needs clarifications before the regulations go into effect Oct. 1, 2017.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Let’s put the fun in funding by keeping it mercifully brief. A round-up of some key events. KEEN Venture Partners, a new venture capital firm operating from London and Amsterdam, has announced €90 million first close of its inaugural fund. It will use the money to provide early growth capital for tech firms with a […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Weatherbys Bank live with new core banking system EXCLUSIVE. Oracle FSS’s Flexcube flexes its muscles. Mobile payments and European millennials Vocalink reveals millennials’ habits and perceptions. Japan rises to blockchain challenge with new consortium Launches with 42 member […]
Last night the Cubs proved—after a long and grueling fight—that the narrative can change. New winners can be crowned. Who in payments will come out on top in 2017? Will it be you?
The conference, which concluded last week, showed that retailers face significant payments challenges as consumer behavior changes, and gave a deeper look into wearables and other technologies that promise to make transactions much more efficient.
Banked households—those that have at least a checking or savings account at a bank or credit union—have risen to 93 percent. That’s the good news. But a whopping 57 percent of U.S. households are financially unhealthy, and that financial health impacts even those earning middle-class incomes and beyond.
Instead of leveling the playing field, the Great Fintech Revolution is driving inequality between those with easy access to the digital economy and those without. Luckily, there are some simple but significant ways to change that.
A Pennsylvania appeals court has sided with McDonald’s employees, deciding that the owners of 16 franchises were in violation of the state’s Wage Payment and Collection Law (WPCL) by requiring employees to be paid with payroll debit cards. The court filed its decision Oct. 21, 2016, which stems from a 2013 lawsuit—consisting of a class of 2,380 current and former employees, according to Law360—alleging that franchise owners Albert and Carol Mueller made it mandatory that employees’ wages be paid through payroll card rather than cash or check.
As the holiday shopping season kicks into gear, Dunkin’ Donuts customers now can send gifts via Apple iMessage in iOS 10. The popular chain—and longtime mobile pioneer—is the first national coffee retailer to integrate with the updated messaging service, which enables users to access the Dunkin’ Mobile App within a chat and purchase a mobile gift card using Apple Pay.
Despite Brexit, 72 percent of British banks think London will remain Europe’s financial center in five years, according to new results from a survey the Tabb Group conducted on behalf of consultancy Synechron. Yet 55 percent of the 80 capital market executives polled said their financial institutions have set up committees charged with coming up with relocation plans as the U.K. prepares to leave the European Union.
UK challenger “neo-bank” Pockit says it now has 100,000 customers, “nearly twice as many” as three of its rivals – Monzo, Atom and Tandem – “combined”. On its website, Pockit says it is a “prepaid MasterCard, not a bank”, so the term “neo-bank” may be worth scrapping or explaining. It’s been around for a while, […]
As banks gain a more prominent spot in the mobile payments market, will they become the one wallet to rule them all?
The payments industry went just a bit blockchain bonkers at this year’s Sibos. Distributed ledger technology (DLT) was a hot topic throughout the week. This was quite astounding given there are very few examples of working blockchain or DLT use cases; most of the initiatives under way are proofs of concept.
The global prepaid card base will increase to 921 million in 2021, up 46 percent from 624 million as of Dec. 31, 2015, according to a new forecast from U.K.-based Retail Banking Research, or RBR. Despite the prepaid surge, debit will continue its dominance of the overall cards market. RBR’s “Global Payment Cards Data and Forecasts to 2021,” which does not cover closed-looped prepaid cards, found that debit cards in 2021 will account for 72 percent of all payment cards worldwide, up from 70 percent in 2015.
In the wake of a massive distributed denial-of-service (DDoS) attack that shut down hundreds of Websites in October, the Smart Card Alliance has issued a warning on the “critical need” to ramp up security on hundreds of thousands of Internet-connected devices. It’s those devices—which range from cars to refrigerators and make up the Internet of Things (IoT)—that hackers are hijacking and incorporating into their botnet attacks, making attacks large enough to overwhelm Websites’ defenses—as was the case in the most recent attack, which affected major Websites including Twitter, Netflix and Spotify, among others.
