The desire to spend more time with family and the rigors of travel have compelled Charlie Scharf to step down as Visa Inc. CEO, according to an Oct. 17 announcement by the payments network. Replacing him is American Express veteran Alfred Kelly Jr., who was unanimously appointed by the board of directors.
Verifone said Oct. 18 that it had adopted and deployed a new mobile API standard designed to better tie together payment and loyalty applications for customers at gas stations and convenience stores.
A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.
Payment card data from shoppers at the online store operated by the National Republican Senatorial Committee have been stolen by Russian cyber criminals, according to a Dutch security expert.
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
With the U.S. rollout of EMV making it harder for fraudsters to target merchant POS systems, thieves increasingly have set their sights on ATMs. But cash machines won’t be such an easy target for long, as the same technology that has increased POS security is steadily making its way to ATMs.
U.K banks don’t report all the cyber attacks directed at them, according to a Reuters report. The U.K.’s Financial Conduct Authority reports at least 75 cyber attacks against financial institutions this year, but the news agency quoted experts who said that total is likely underreported. That’s in part because British banks are not required to report every such attack.
Japan might remove its 8 percent sales tax on bitcoin and other virtual currency transactions, according to reports. The plan stems from the country’s Ministry of Finance and the Financial Services Agency, according to an Oct. 14 report in Japan Today. It said regulators intend to study the issue via a committee; among the questions is what constitutes a virtual currency.
Provident Credit Union in California and MountainOne Bank in Massachusetts have gone live with new core banking software – PhoenixEFE from D+H Corporation.
Alibaba has revealed a new payment service that lets virtual reality (VR) shoppers pay just by nodding their heads. Called VR Pay, it’s been developed by Ant Financial’s (Alibaba’s financial arm) incubator F Lab, and it’s another innovation in the lively and overcrowded payments arena. With the tech, shoppers (bovine at the best of times) […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
Fintechs Are from Mars, Banks Are from Venus; CFPB Enforcement Lessons; Payments Infrastructure: New Routes, Not New Rails; Biometrics Pros and Some Huge Cons; Samsung Pay Talks Strategy; Smartest Payments People; Loyalty Strategies; More
The CFPB has announced three leadership changes within the agency.
Make it lean, keep them keen. A round-up of events in the payments space. Nordea is leaving the Swipp collaboration and partnering with Danske Bank’s MobilePay platform in Denmark and Norway. The shared payment solution’s plan is a reaction to “new international players” who “regularly appear in the market”. Danske says it will begin converting […]
Alain Raes, CEO EMEA and Asia Pacific, Swift, discusses the main payment trends in Europe, including real-time and the Global Payments Innovation Initiative.
Bruno Prigent, Head of Societe Generale Securities Services (SGSS) and Mathieu Maurier, Global Head of Sales and Relationship Management discuss the global securities industry and SGSS’s plans for the future.
SIBOS Interview: Gerry Gaetz, President and Chief Executive Officer, Payments Canada discusses the modernisation of Canada’s payments system with Tanya Andreasyan, editor of Banking Technology.
The U.S. Court of Appeals for the District of Columbia Oct. 11 deemed the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional because of it being led by a single director, calling the bureau a “gross departure from settled historical practice” in which independent agencies are led by commissioners or board members, according to the court’s decision.
The CFPB has fined Navy Federal Credit Union $28.5 million for improper debt collection action. That breaks down to $23 million going to victims and a $5.5 million civil penalty, the federal consumer agency said.
Virtual reality (VR) has been grabbing headlines this year with major players across several industries entering the market. But there is evidence to show that augmented reality (AR) may be a more valuable platform in the years ahead. So what exactly is AR and what are the potential applications that could help take it from a small niche to a multi-billion dollar industry in just a few years?
Pascal Augé, Head of Global Transaction and Payment Services, Societe Generale Global Transaction Services discusses the prospects for real-time payments in the eurozone.
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has appointed current president Eric Jing as its new Chief Executive Officer, effective Oct. 16.
Bink, a soon-to-launch loyalty app that links consumer card payments to loyalty programs, has appointed Bob Wigley as chairman of its board and Steve Perry as a non-executive board director.
Blackhawk Network has named David Tate as senior vice president of the company’s U.S. retail business.
Mastercard has named Safdar Khan to the role of division president for Indonesia, Malaysia and Brunei. Khan will be based in Jakarta and be responsible for leading the implementation of the company’s digital payment technologies in those markets.
PayPal Inc. has named Bill Ready Chief Operating Officer, the first time that position has been filled since PayPal became an independent company in July 2015.
India-based online commerce platform Paytm has appointed Madhur Deora as its Chief Financial Officer and senior vice president.
With regulators placing ever greater demands on institutions in the area of sanctions, it is essential that institutions screen their customers and transactions against relevant sanctions lists. Regulators are showing less tolerance for errors than in the past. Not only have fines have been imposed on banks but also on payments companies and casinos. Specifically, […]
Symantec has found evidence that the Odinaff group has mounted attacks on Swift users, using malware to hide customers’ own records of Swift messages relating to fraudulent transactions. The tools used are designed to monitor customers’ local message logs for keywords relating to certain transactions. They will then move these logs out of customers’ local […]
The CFPB might have taken two years to release its final rules on prepaid accounts, but it took little time for payments industry players and observers to weigh in on them. Within a day of the rules’ release, which go into effect Oct. 1, 2017, prepaid services giant Green Dot Corp., the Independent Community Bankers of America (ICBA), the Consumers Union and the Network Branded Prepaid Card Association (NBPCA) all had issued official comments, covering the spectrum of support for the new mandates.
A new European prepaid product from Wirecard will help truck drivers pay for repairs and fuel. The program, launched in Germany, involves Europe Net, a subsidiary of ADAC Truck Service. Its European Net Service Card also enables fleet mangers to add value to the card so that drivers can make emergency payments.
Vodafone customers in the U.K. now can make NFC payments funded from their PayPal accounts via Android smartphones. A new deal between Vodafone and PayPal enables PayPal to be used as a funding source for transactions made with Vodafone Pay.
A shareholder of ID verification startup Jumio Inc. has sued company officials over alleged mismanagement and misrepresentation of the firm, which filed for bankruptcy in March 2016. In a lawsuit filed in Delaware, Bloso Investments Ltd., alleges that Jumio directors, including Facebook co-founder Eduardo Saverin, made deliberately misleading statements about the company’s prospects, duping Bloso into investing $5 million in Jumio.
Alain Vansnick, Head of Payments International Business, TAS Group, explains how banks can get ready for instant payments.
Christian Westerhaus, Global Head of Product & Strategy, Institutional Cash Management, Deutsche Bank, talks about the future of correspondent banking.
Wasting your time is a crime. Here’s a round-up of key events in the payments space. Absa has teamed up with South African start-up Walletdoc to let its Absa Rewards customers earn cash rewards each time they use Walletdoc to pay their monthly accounts. Walletdoc works by sending reminders when payments are due, notifying users […]
The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
“Transaction banking will undergo a change of character,” states the global banking giant.
When time is tight, the reading can be light. A round-up of key events in fintech funding. US-based Payoneer has completed the first closing of a growth equity financing. Proceeds from the $180 million financing will be used to “accelerate global growth”. This year, the firm opened new offices in India, Japan and the Philippines, […]
