Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank are the latest banks to join Ripple’s blockchain-powered network for cross-border payments. “2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as […]
The Bank of England (BoE) has published a consultation paper on the next generation real-time gross settlement (RTGS) service. On the way out is the bank’s legacy 20-year old platform. The BoE is calling on the payments industry specialists to get in touch.
A new open ecosystem – where banks can enable third parties to develop mobile banking apps and cash management solutions for them – has many advantages over the previous closed world, where everybody tried to do everything themselves. The key to successful “opening up” is to provide a standard interface, such as a smart phone to a bank account, that is accessible to third parties whilst retaining the necessary control.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
A San Francisco-based mobile-only banking startup announced Sept. 14 new partnerships as it prepares to launch a beta of its mobile banking product in the U.S. later this year. Varo Money Inc. has signed an agreement with The Bancorp, in which The Bancorp Bank will be providing private-label banking services for Varo’s mobile checking and savings accounts.
Retailers are increasingly faced with the need to provide a seamless omnichannel experience in order to succeed. One way to achieve this is via APIs that help integrate the in-store experience with Web and apps. Discover highlights five key areas that retailers can quickly and easily address with the right publicly available APIs.
Look for Chase Pay at the POS at your local Best Buy, just in time for this year’s U.S. holiday shopping season, Chase announced Sept. 14. Chase this week also made a noteworthy security move. On Sept. 12, JPMorgan Chase—without announcing it—reversed its security position on its mobile app, removing the need to type in a password once a customer has already been authenticated by either Apple’s Touch ID or an Android biometric scan.
Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta, has announced his intention to step down from his position effective Feb. 28, 2017.
The board of directors of B2B commerce facilitator Global Sources has appointed Fumbi Chima and Michael Scown to board membership seats, effective Sept. 12, 2016.
Green Dot Corp.has appointed Mary Dent as CEO of Green Dot Bank, the company’s wholly owned bank subsidiary.
JetPay Corp., a provider of debit and prepaid card services, has named Michael Collester as its Chief Operating Officer.
Mastercard has restructured its global products and solutions team in Asia Pacific, promoting Julienne Loh to the role of executive vice president, global products and marketing, and Felix Marx to executive vice president of services for the region.
Mercator Advisory Group has added Brian Riley to its team as director of the consultancy’s Credit Advisory Service.
Vince Padua has joined digital commerce and payments provider Mozido as the company’s executive vice president of product and development.
Paul Parisi has been named general manager of PayPal Canada.
Cloud-based payment technology provider ShopKeep has named Mike Sommers as the company’s new senior vice president of product management.
Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.
Finserv provider Tramonex is partnering with Saxo Payments for segregated client accounts in 25 currencies, and foreign exchange (FX) liquidity. Tramonex has joined the Saxo Payments Banking Circle, and says it is now able to offer its clients individual, physical and virtual accounts with their own unique International Bank Account Numbers (IBANs). Tramonex previously offered […]
Intellect iGTB, the global transaction banking software business of Intellect Design Arena, has implemented its products at CIBC. The project is part of a multi-stage transaction banking and payments tech overhaul at the Canadian banking group.
While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Facebook Messenger platform updates announced Sept. 12 have enabled chat bots to accept payments, meaning Messenger users now can make payments within Messenger threads and not have to leave the app. Facebook says it has 1 billion users in 200 countries who use Messenger monthly, and developers and businesses have built more than 30,000 bots for the app.
Apple is warning consumers that fraudsters are using iTunes gift cards in a scam to trick victims into making payments over the phone. In a notice posted on its Website, Apple said the scam involves victims being called and then being pressured to transfer money over the phone to pay for a bogus claim of an unpaid bill or debt, or a relative who needs to be bailed out of jail.
Mastercard faces a £14 billion claim ($18.6 billion) in the U.K. over interchange fees in a case filed with the country’s Competition Appeal Tribunal. The claim comes two years after the European Union labeled the interchange charged by the payment card network as unfair. European interchange caps went into effect in December of 2015.
The Federal Financial Institutions Examination Council has revised the “Information Security” booklet of the agency’s FFIEC Information Technology Examination Handbook.
Visa is offering a glimpse into the future of commerce during the Toronto International Film Festival, running until Sept. 18. In its 20th year sponsoring the festival, Visa is offering festival-goers access to a first-of-its-kind Connected Screen, powered by Ingenico, along with an “immersive virtual shopping experience” that enables them to virtually try on and purchase clothing from a film’s wardrobe department.
Home Depot’s complaint asserts that Visa and Mastercard “unlawfully” fixed interchange fees at high levels.
Facebook has announced its Messenger bots can now accept payments natively, without redirecting users to external sites. The announcement was made by David Marcus, head of Facebook Messenger, at the TechCrunch Disrupt conference in San Francisco, as he unveiled the launch of the Messenger platform v1.2.
Guy Wakeley, Chief Executive Officer of Equiniti Group talks to Daily News at Sibos about the benefits of RegTech in an increasingly digital world.
As the one year anniversary of the U.S. payment networks’ EMV liability shift nears, new data released Sept. 12 from Mastercard shows that chip-enabled cards have helped reduce fraud costs for retailers and—despite some growing pains—are finally catching on with consumers.
The House Financial Services Committee will meet Sept. 13 to mark up a bill that would overturn major provisions of the Dodd-Frank Act. Initially proposed in June by Financial Services Committee Chairman Jeb Hensarling (R-Texas), the Financial CHOICE Act would strip significant authority away from the CFPB, renaming it the Consumer Financial Opportunity Commission and tasking the agency with the dual mission of protecting consumers and ensuring competitive markets.
In an effort to thwart advanced attacks by criminals, the PCI Security Standards Council has released updated specifications to protect cardholder data stored on mag stripe and EMV chip cards when used at ATMs, in-store and unattended payment terminals and mobile devices.
South Korean fintech firms plans to file a complaint with regulators over Apple’s refusal to open its API.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Barclays and Wave pioneer blockchain trade finance transaction What is a fintech day without blockchain? UK challenger banks: who’s who The list has been updated. US credit union consortium plots blockchain use Watch out R3. Smile and an […]
The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.
Two of the leading mobile payments services made significant moves on Sept. 7, with Android Pay adding support for more payment cards in the U.S. and U.K. and launching on the mobile Web, while Apple announced it will bring Apple Pay to Japan in October.
Iran has won a slight reprieve in FinCEN’s latest advisory for anti-money laundering and countering terrorism measures.
Barclays said it will link its Pingit m-payments app to the CommBank app from the Australian bank, enabling customers to send payments via their phones, including between customers in the two countries.
