Visa patent blacklists devices used for fraud
Visa has been granted a patent that could help in a big way by identifying and “blacklisting” a device that’s been used to perpetrate fraud.
PayTech
Do Easier Purchases Make Customers Less Satisfied?
A University of Toronto study raises a delightfully non-intuitive payments point. Although shoppers gravitate toward the payment forms promising the least friction, do they value purchases more when they are made with more friction, such as cash?
People on the Move: Fran Fisher, ACA International Council of Delegates
Fran Fisher, strategic sales and business development manager-ARM for a subsidiary of global payment processor Payscout Inc., has been appointed to the Association of Credit and Collection Professionals (ACA) International Council of Delegates.
People on the Move: David Landau, Ballard Spahr
Ballard Spahr LLP has announced that David Landau has joined the firm as a partner in its New York office.
People on the Move: Jeff Nager, The Bancorp
The Bancorp has named Jeff Nager as senior vice president and director, government guaranteed lending.
People on the Move: Corbin Simon, Top Recruiter Award
Corbin Simon, executive recruiter at R&P Group, has won the U.S. Recruiting Network’s Sioux Falls Area Top Recruiter Award for the second quarter of 2016.
People on the Move: Talbott Roche, Electronic Arts Board
Blackhawk Network President and CEO Talbott Roche has been appointed to the board of directors of digital interactive entertainment provider Electronic Arts (EA).
Company on the Move: Emerging Payments Association Adds Member, Calls for Women in PayTech Advisory Board
Bacs Payment Schemes Ltd., the organization behind direct debit and Bacs direct credit in the U.K., as well as the current account switch service, has become the latest member of the Emerging Payments Association (EPA).
People on the Move: John Kim, Fiserv Board
Global provider of financial services technology provider Fiserv Inc. has appointed John Kim to its board of directors.
Company on the Move: K&L Gates, New Munich Office
Law firm K&L Gates LLP has opened a Munich office, the firm’s third office location in Germany, eighth in Europe, and 46th worldwide.
People on the Move: Patrick Dunne, Lending Club
Online loan marketplace Lending Club announced today that Patrick Dunne has joined the company as chief capital officer.
People on the Move: Ted Iacobuzio, Mercator Advisory Group
Payments industry research and advisory firm Mercator Advisory Group has appointed Ted Iacobuzio as managing director of custom research and consulting services.
People on the Move: Evan Schuman, Paybefore
During Paybefore Editor-in-Chief Loraine DeBonis’ maternity leave, which is expected to begin around Aug. 1, Evan Schuman will be assuming her role.
People on the Move: John Hunnicutt, Spindle Inc.
Scottsdale, Ariz.-based unified commerce solutions provider Spindle Inc. has announced the appointment of John Hunnicutt as chief financial officer.
Company on the Move: Givex, UKGCVA
Gift card processor Givex has joined the UK Gift Card and Voucher Association (UKGCVA), the country’s trade body for vouchers and gift cards.
Despite Scrutiny, Payroll Cards Attractive to Millennials, Study Finds
While the prepaid payroll sector has drawn criticism from some policymakers, a new study shows that for many workers—especially millennials—payroll cards are an attractive option for receiving wages and managing money.
Making Good On Its Threat, Walmart Stops Accepting Visa at Some Canadian Stores
Threat delivered, threat executed: Walmart has started to reject the use of Visa payment cards in some of the retailer’s Canadian stores. The chain had earlier said it would do so because of an interchange dispute with the payments network.
U.K. Court to Hear Brexit Case in October
A U.K. hearing scheduled for October will consider if Brexit can happen without parliamentary approval. The U.K.’s June 23 vote to leave the union has led to confusion and much speculation in the payments world, as the industry wonders about such issues as licenses and passporting, along with other financial services regulations.
Is it Time to Make Virtual Reality a Reality for Your Business?
Interest in virtual reality has been bubbling up in tech circles for a while, but 2016 could be the year it finally boils over into the mainstream consumer market and changes retail for the better.
Banking Technology July/August 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Another One Bites the Dust: suretap Wallet to Be Discontinued
Canada’s first mobile wallet suretap is now one of the latest casualties in the mobile wallet wars. Citing market changes and an increasing number of mobile payment and banking options, among other factors, the Toronto-based company will shut down the mobile wallet as of Aug. 26. But it’s not alone. Semble, a New Zealand-based joint venture created by several telecoms and banks, discontinued its mobile payment service July 15.
Santander Enforcement Could Preview CFPB’s Overdraft Intentions
The CFPB’s recent enforcement action against Santander Bank over the bank’s overdraft practices underscores federal regulators’ focus on holding regulated institutions responsible for the actions of third-party vendors, and could provide a preview of the CFPB’s upcoming rulemaking on overdraft.
FIS Mobile Cash Access Service Coming to 70,000 ATMs
FIS is expanding its Cardless Cash mobile ATM withdrawal service across the U.S. under a new partnership with Payment Alliance International (PAI), the largest privately held network of ATMs in the U.S. The deal will bring Cardless Cash to 70,000 ATMs in PAI’s network.
Samsung Pay Iris Scanner Could Bring New Biometric to Payments
Samsung’s upcoming Galaxy Note 7 reportedly will include an iris scanner that enables consumers to unlock their phones, one of the first major smartphones in the U.S. to include such technology. Although there was no immediate indication that Samsung plans to use iris authentication for payments, biometrics authentication is gaining momentum as providers seek to eliminate security-challenged passwords.
BMO “first” for account opening with smartphones
BMO Bank of Montreal has introduced a new service that allows customers to open an account using their smartphone, without having to go to a branch or download an app. The bank says this “first-of-its-kind account opening capability” allows customers to search, select and open a new account with BMO “in minutes”. Niti Badarinath, head […]
Top fintech stories this week – 15 July 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift seeks stronger network security Strikes back after hacks. IBM to open blockchain innovation centre in Singapore Big Blue stays true to blockchain. Starling Bank gets UK banking licence Aims to launch to customers by January 2017. Unibank […]
Visa says Europe open to biometrics for payments
According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment – especially when integrated with other security measures. About 73% of the 14,000 European consumers surveyed see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an […]
Mobile Roundup: Masterpass Adds In-Store Purchasing; Starbucks, Android Pay Hit New Markets
Mastercard is expanding its Masterpass digital payment service to enable users to make in-store purchases, adding a major competitor to the increasingly crowded field of mobile payment services—and one that boasts a roster of 250,000 merchant partners and a built-in base of existing users. Meanwhile, two other high-profile mobile payment apps—Starbucks and Android Pay—are expanding in Asia-Pacific.
Congressional Report Accuses FDIC of Covering up, Misrepresenting Data Breaches
A critical congressional report was released this week claiming the FDIC has been hacked several times over several years and regulators have been covering up or misrepresenting breaches. In an ongoing investigation by the U.S. House Science, Space and Technology Committee, the report implicates FDIC employees, as well as the Chinese government, as responsible for some of the breaches.
Elan Debuts Mobile Management App for Debit, Prepaid
Issuers are beginning to put the fight against fraud into cardholders’ hands with mobile app controls, such as on/off switches and geolocation. Elan Financial Services is the latest to help issuers give debit and prepaid cardholders the ability to control their cards from their smartphones.
Transport for London Licenses Technology to Cubic
Transport for London (TfL), the city’s transit authority, and Cubic Transportation Systems have consummated a £15 million (US$20 million) licensing deal enabling Cubic to tailor London’s contactless system technology for other world cities’ transport systems.
Samsung Pay launches in Puerto Rico
Samsung Electronics is bringing Samsung Pay to Puerto Rico. Samsung Pay will support eligible credit cards from Banco Popular, Puerto Rico’s largest bank, and will be available on AT&T, T-Mobile, Sprint and Claro networks in Puerto Rico. The firm says Samsung Pay is the “only” mobile wallet that allows users to pay with their compatible […]
FDIC Guidance on Brokered Deposits Does Little to Ease Prepaid Industry Concerns
The latest FDIC guidance on brokered deposits, released on June 30, has done little to alleviate industry concerns about the treatment of prepaid card loads as brokered deposits.
People on the Move: Beverly Cole, OCC
The Office of the Comptroller of the Currency has named Beverly Cole as deputy comptroller for compliance supervision. In the role, Cole will be responsible for developing and instituting compliance operational protocols, examination strategies and schedules.
People on the Move: Robert Cook, Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority board of governors has appointed Robert Cook as president and CEO, effective the second half of 2016.
Safaricom Launching M-PESA Prepaid Card in Kenya
Safaricom is planning to add a companion prepaid card to its popular M-PESA mobile money transfer service in Kenya—a move that could help close the “missing link” in the e-money ecosystem, while helping Safaricom compete against a new rival in the P2P space.
Facebook Testing Event Ticket Sales via Desktop Site, App
Turning social media into a commerce channel is still a work in progress, but one that few are giving up on with a global user base across social media of more than 2 billion, according to Euromonitor International. The latest attempt from Facebook taps into the summer concert season with the social networking giant testing a feature enabling its U.S. users to buy tickets to concerts and other events from its desktop site and its iOS and Android apps.
U.K. Financial Regulator Offers Guidance on Cloud Services
Hoping to encourage fintech innovation, the U.K. Financial Conduct Authority has issued a 17-page document that offers guidelines for how financial services firm can use outsourced Web-hosted services without running afoul of regulators.
Privacy Shield Deal Wins European Approval
A transatlantic data-transfer deal has won approval from European Union officials, giving official life to what’s known at the Privacy Shield pact.
EMVCo and FIDO Alliance team up for mobile payment authentication
EMVCo, the global payment specification body, and the FIDO Alliance, an industry consortium developing open, interoperable authentication standards, are to collaborate and review how FIDO can support EMV (Europay, MasterCard and Visa) payment use cases. A “key aim” of the initiative is to investigate mobile payments using on-device authenticators, such as biometrics, as they seek […]
