Viewpoint: Banks Must Latch onto the Fintech Partnership Model
A consensus is building along the payment frontier: Banks can serve as platforms though which a plethora of third-party services and customers are able to connect through an API.
PayTech
Viewpoint: Winning the Holiday Gift Card Season
With some $25 billion at stake, personalization and going digital will help ensure returns for the all important fourth quarter.
Viewpoint: Retailers Need to Go Branded to Go Big
Many retailers still insist on treating payments as merely a functional step of the purchase process. But connected consumers desire payment experiences. Here’s how to offer them.
SIBOS Interview: How is digitisation and changing expectations driving change?
Erik Zingmark and Peter Hupfeld, Co-Heads of Transaction Banking, Nordea, talk about how a changing world is changing banking.
Kohl’s Launches Mobile Payments Tied to Private Label Card
Kohl’s on Oct. 5 launched a mobile payment option that “integrates the Kohl’s Charge private label credit card into the popular Kohl’s mobile app,” the retail chain said. Called Kohl’s Pay, the service enables some 25 million U.S. holders of that private label card to pay for in-store purchases directly from mobile devices.
Swift smart modules seek stronger security
Swift has published a series of eLearning modules as it ramps up its cybersecurity defences in the face of hacking threats. The SwiftSmart modules will help its customers operate their Swift environment “securely and in-line with best practice”. The move is also a “critical part” of its Customer Security Programme launched in May 2016. That […]
CFPB Includes Mobile Wallets in Final Prepaid Rule
The U.S. Consumer Financial Protection Bureau (CFPB) on Oct. 5 released its final rule on prepaid accounts, and the agency’s requirements, which go into effect Oct. 1, 2017, go well beyond plastic.
Mastercard Brings Selfie Payments to Europe
Say cheese! Or at least hold still. Mastercard is rolling out its pay-by-selfie service in a dozen European countries. The move follows a similar pilot in North America.
Bluefin nabs patent for Decryption-as-a-Service
Point-to-point-encryption services provider Bluefin Payment Systems was granted a patent for what the company calls Decryption-as-a-Service.
HSBC hits $100bn mobile payments mark for corporates
There’s glee and a spending spree for HSBC as over $100 billion in mobile payments have been made by its corporate customers. The bank says the $100 billion sum was authorised globally through the HSBCnet mobile corporate banking platform since its launch in 2011. The total transaction value of mobile payments has more than doubled […]
CFPB Issues Final Prepaid Rules; Expanded Definition Worries Industry
The U.S. Consumer Financial Protection Bureau (CFPB) on Oct. 5 released its final rule on prepaid accounts, a move that sharply expands the definition of prepaid—to the distinct displeasure of prepaid industry players. The new rules, which take effect Oct. 1, 2017, are quite similar to what CFPB had initially proposed, with provisions tweaked in the final rule, rather than major additions or deletions.
Merchant Lawsuit over Fraud Liability Shift Moves Forward
A federal judge has ruled that a lawsuit alleging payment networks colluded over fraud liability can go forward, denying the networks’ motion to dismiss the lawsuit. Filed in March 2016 in U.S. District Court for the Northern District of California by two Florida retailers, the lawsuit accuses American Express, Discover, Mastercard and Visa of engaging in “a conspiracy” when shifting liability for transaction fraud to merchants that failed to upgrade their POS systems to accept EMV chip technology by Oct. 1, 2015.
Google Ends Support for Some Payment Cards on Android Pay
Google has ended the grace period for unsupported payment cards that can be used with Android Pay. Those cards include products from such financial institutions as Citi, Discover and Wells Fargo, according to Google.
LG Expands Payment Options for ‘Smart TVs’
LG Electronics and Paymentwall said Oct. 4 that they will expand the online payment options available through LG’s webOS “smart” TVs. The program “will give consumers easier access to paid apps, movies, games and much more through LG’s intuitive webOS Smart TV platform,” LG said. The effort involves some 140 payment options in 200 countries.
Eurogiro, TransferTo Partner to Expand Mobile Money
Members of global payments network Eurogiro are now able to transfer funds to mobile money and bank accounts through a partnership with B2B mobile payment network TransferTo, the companies announced Oct. 3. Through TransferTo’s payments network, Eurogiro’s network members can expand their service offerings by providing mobile payments and, for example, accept remittances at a post office in one country and transfer the funds to a recipient’s mobile wallet in another country.
Austin Public Transit Not Onboard with EMV
In perhaps one of the most dramatic instances of resistance to EMV since the technology began rolling out more than a year ago, Austin, Texas, public transit plans to stop accepting payment card purchases at vending machines at its nine commuter rail stations, rather than upgrade to EMV-compatible machines.
Meta Beefs Up its Presence in Tax Refund Space
Meta Financial Group, the parent of MetaBank and Meta Payment Systems, said Oct. 3 it will buy EPS Financial LLC, which sells tax-related financial transaction products, for $42.5 million. The half stock, half cash deal will close in the fourth quarter, Meta Financial said.
CFPB/Amex Study Indicates How to Motivate Consumers to Save
In a study conducted by the CFPB, with assistance from American Express, researchers found that offering a monetary incentive was most effective in motivating consumers to set money aside in savings accounts. The research results from the study, “Tools for Saving: Using Prepaid Accounts to Set Aside Funds,” also indicate that having a savings option reduced consumers’ use of payday loan services.
U.S. Reps Urge CFPB to Rethink Short-Term Lending Rules
A bipartisan group of federal lawmakers has asked the CFPB to reconsider some of the agency’s proposed restrictions on short-term lenders, arguing that such loans provide much-needed access to credit for those who have few other alternatives.
Top fintech stories this week – 30 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place – and all with a Sibos touch! Blockchain: be ready to ‘fail fast and fail cheap’ Wouldn’t it be better to succeed in the first place? Innotribe plots rise of new fintech hubs A tribe calling for a […]
SCOTUS to Hear Credit Card Surcharge Case
The U.S. Supreme Court on Sept. 29 agreed to hear arguments from a group of New York merchants who want the right to impose surcharges on purchases made with credit cards. The outcome of the case could have an effect on laws in 10 states that restrict such surcharges.
Green Dot’s Secured Credit Card to Help Credit-Challenged Consumers
To help consumers build a credit history or improve their existing credit scores, Green Dot Corp. launched Sept. 29 the Green Dot Platinum Visa Secured Credit Card. Being a secured credit card, the credit line is backed by the cardholder’s security deposit held with Green Dot Bank.
Global Card Base Grows Nearly 6 Percent, Nilson Says
Of the total card base, global brand general purpose cards accounted for about 60.79 percent at the end of 2015. Domestic general purpose cards accounted for 5.53 percent, while private label cards accounted for 33.69 percent, Nilson said.
CFPB Slaps Fines on Two Lenders in Two Days
Within a two-day span, the CFPB ordered two companies in separate cases to pay a total of more than $12.6 million in civil penalties and refunds.
Sibos 2016: Key highlights. Banking Technology editor on Good Morning Sibos TV
Tanya Andreasyan, Banking Technology’s editor, chats with Sibos TV hosts about the highlights and key themes of Sibos 2016, collaborative efforts within the industry to tackle cybersecurity threats, and the circles of the Brexit hell (we are now in circle one – Limbo).
Sibos 2016: What awaits us? Banking Technology editor on Good Morning Sibos TV
Tanya Andreasyan, editor of Banking Technology, talks to Sibos TV hosts about various collaborative efforts within the financial services industry, innovation and disruption, and banks’ newly-found love for fintechs. Hug a fintech!
Daily News at Sibos top photos and captions – Day 4
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 4.
Daily News at Sibos 2016 – Day 4
Read our fourth and final Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
Ericsson rolls out mobile remittance in emerging markets
Ericsson has joined forces with HomeSend, a joint venture between Mastercard, eServGlobal and Bics that focuses on mobile money remittances in emerging markets. Ericsson’s digital wallet, Ericsson Wallet Platform, is now HomeSend Certified. The product has access to HomeSend’s network of money transfer operators, cash agents and banks in more than 200 countries. Peter Heuman, […]
Sberbank goes blockchain with Hyperledger Project
Sberbank and the Linux Foundation have entered into an agreement on the bank’s participation in the Hyperledger Project. The deal was signed at the Sibos conference in Geneva and Lev Khasis, first deputy chairman of the executive board of Sberbank, said the new development with Hyperledger, and its open source platform based on blockchain, offered “access to […]
Digitising Azerbaijan
The International Bank of Azerbaijan has partnered with Backbase to implement its omnichannel digital banking platform. With the platform, the bank will be able to provide its products and services to customers through multiple channels synchronously, creating a single multimodal touch point. The contract was signed yesterday onsite at Sibos at Backbone’s booth, between Jouk […]
Sibos 2016: collaboration will energise ISO 20022
To drive ISO 20022 adoption, the industry is calling for collaboration and for those with the ‘right stuff’ to lead the way. A panel yesterday, ISO 20022 market practice developments, gave a global view of the status of ISO 20022 in the payments and securities markets. Gerard Smith, director collateral services at LCH.Clearnet, said the […]
Blockchain: be ready to ‘fail fast and fail cheap’
Correspondent bankers have been advised to “fail fast and fail cheap” when it comes to blockchain technology. During the Blockchain and correspondent banking – The way to go? session yesterday, a panel explored the possible use cases and barriers to adoption of blockchain technology – one of the most talked about technologies at this year’s […]
Meeting hackers head-on
Online hacks are rapidly replacing the bank heists of old. With banks increasingly at risk, early threat detection is imperative. Eleonore Fournier-Tombs* explains how banks can protect themselves. In a climactic conclusion to an insider threat story that has been developing since 2015, Morgan Stanley agreed to pay a fine of $1 million to the […]
Innotribe plots rise of new fintech hubs
A decade ago, cities fought to be financial hubs; today they fight to be financial technology (fintech) hubs. While London, New York and Silicon Valley claim strong status as fintech hubs, Sibos has proved that there are plenty of emergent centres snapping at their heels. Innotribe’s Startup Challenge, which brings fintech companies to the attention […]
Financial technology: gathering speed
Financial regulators globally are putting pressure on financial institutions to move to real-time solutions in both retail and wholesale banking. Advances in technology and a desire by regulators to reduce risks in the financial system are driving the trend. Discussions about real time technology and solutions span the banking world at this year’s Sibos. While […]
Blockchain and DLT a slow burn for CSDs
Blockchain innovation for central securities depositories (CSDs) is a slow burn and one that can divide opinion. During the Innovation in CSD space: What about distributed ledger technology? session yesterday, some panellists argued that the technology would hail the end of CSDs while others said there would be no revolution, just a “natural evolution” of […]
Sibos 2016 & innovation: crossing the next frontier
There has been a huge amount of hype at this year’s Sibos about financial technology and its role in financial services. Devie Mohan* looks at the technologies that will help financial institutions cross the next frontier of innovation. The world of financial technology has seen a clear and significant shift in the past year – […]
‘People-centric’ Palestine Bank debuts
Bank of Palestine debuted at Sibos this year with a colourful booth and much interest from Sibos delegates. “We have been attending Sibos for many years as delegates and as our delegation grew from two or three people to bigger numbers, we decided to have a stand,” said Hashim Shawa, chairman and general manager of […]
Sibos 2016: central banks must innovate to stay relevant
If central banks want to retain a large share of payments in central bank money, they must innovate, said Andrew Hauser, executive director for banking, payments and financial resilience, Bank of England (BOE). Speaking during the Towards a single platform for all payments session, he said BOE consultation on a refresh of its real time […]
