Ant Financial buys MoneyGram for $880 million
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
TSYS-owned NetSpend is negotiating with the Federal Trade Commission over the agency’s allegations that the prepaid provider deceived cardholders and denied or delayed their access to funds, TSYS Chairman and CEO Troy Woods told analysts this week in a fourth-quarter earnings call. TSYS also announced that NetSpend is working on diversification, including the launch of a demand deposit account later this year.
Add Target to the retailers stepping up their mobile payments game: The retail chain plans to improve at least one of its mobile apps by enabling in-store payments through it. What that means is that consumers could use their smartphones and Target app to pay for purchases inside the chain’s stores instead of relying on Apple Pay, Android Pay or other providers’ digital payment systems.
Austria’s Erste Bank und Sparkassen can now verify new customers via video—a form of customer onboarding that is gaining popularity among financial institutions because of its relatively low cost.
Fintech start-up Railsbank has signed its first partner, Arkéa Banking Services (Credit Mutuel Arkéa’s subsidiary), to use its platform to deliver SEPA payment services and IBANs across Europe.
The National Retail Federation has announced members to its board of directors. Among them is prepaid veteran Don Kingsborough, president, Westfield Retail Solutions.
Contis Group, a U.K.-based alternative payments and banking services provider, appointed Fiona Wilkinson to its board as an independent, non-executive director. Contis also hired Jason Ollivier to a newly created executive role, chief disruption officer.
Global payment services provider Currencycloud has appointed Ed Addario chief technical officer.
Discover Bank has been named one of the Best Banks of 2017 as part of the fifth annual banking survey by GOBankingRates, a personal finance Website.
Finicity, a provider of real-time financial data aggregation and information, has expanded its executive team with the hire of Tim Laukka to the position of chief financial officer.
Raphaels Bank has appointed Janet Johnston head of payment services.
RentMoola Payment Solutions Inc., an online global payment network for the rental and condo fee business, has named David Borecky to its board of directors.
Prepaid providers—along with P2P and mobile wallet providers that fall under the CFPB’s final prepaid accounts rule—might have cheered to learn that President Donald J. Trump issued a freeze on forthcoming regulations on Jan. 20. Further examination of the White House memo detailing the freeze, however, suggests that it may not delay the Oct. 1 effective date for the final rule on prepaid accounts. But, it’s implications for the CFPB and some of its other regulations are unclear.
In an attempt to take its share of the exploding cross-border payments market, which hit about $600 billion last year according to some estimates, Wirecard is launching a new mobile money remittance service in Europe, targeting consumers including unbanked migrants sending funds home.
Not content with simply getting people from points A to B anymore, carmakers recently have been diving into mobile wallets and parking and payment apps, not only through partnerships but through acquisitions. The trend seems likely to gain speed in the coming year but there remain questions about how far automotive firms can go with payments, and what constitutes the best path.
The U.K.’s Post Office, which has a long history of providing financial services, including prepaid cards, has entered the banking market in a new way with an industry-wide agreement with the nation’s banks going into effect today. From Jan. 24, 99 percent of U.K. personal bank customers and more than 75 percent of business customers can do their day-to-day banking at the Post Office—described as the “biggest expansion in face-to-face banking access in a generation.”
Western Union will pay $586 million in customer refunds and beef up its money laundering and fraud protections. after admitting to criminally violating the U.S. Bank Secrecy Act and federal anti-fraud regulations, according to the U.S. Department of Justice. The settlement also involves the Federal Trade Commission and covers conduct that took place between 2004 and 2012.
A new service launched to mitigate customers’ inconvenience if their payment cards are lost or stolen might lead to greater adoption of mobile wallets and be a model for other banks. ANZ, one of the largest banks in Australia, has introduced a service that automatically uploads replacement card details as virtual cards to customers’ m-wallets, while halting activity on the missing physical cards.
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on. Featuring Habito, Dwolla and H2 Ventures.
Fintech zeitgeist! Welcome to the second in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. Anything goes, so here goes. Last week I was in Hong Kong, but […]
Artificial intelligence (AI) on its own isn’t enough to compete – companies need industry-specific solutions to business problems. So said Martin Schroeter, IBM’s senior vice-president and chief financial officer, on the company’s quarterly earnings call.
U.K.-based Starling Bank has become the “first of the digital-only challengers” to join Faster Payments this week. The 13th direct participant of the Faster Payments Scheme, Starling says its customers will be able to see where their money is flowing and when in real-time, 24/7.
Financial adviser firm DeVere Group has unveiled its own private bank, DeVere Group Bank St Lucia. The company says the launch “has been facilitated” by the acquisition of St Lucia-based Arton Bank for an undisclosed sum. Arton Bank was set up and licensed in 2014 under the Offshore Banking Act 1996. Founder and CEO of […]
New venture Motive Partners plans to invest in fintech firms in the UK and US. It looks to raise $150 million.
The Fintech Acquisition Corp I team that raised $100 million through an IPO in February 2015, has returned a new blank check company – Fintech Acquisition Corp II. It seeks to raise $153 million.
A lone concern by the U.K. Competition and Markets Authority (CMA) regarding Mastercard buying VocaLink appears to be nearing resolution, thus paving the way for the card network’s acquisition of the U.K. transaction processor.
Blackhawk Network’s expansion into the incentives industry continues to bear fruit. In its latest partnership, business travel site Upside will be offering its customers incentives, including gift cards from the more than 50 merchants in Blackhawk’s network.
2016 Pay Award winners FIS and Verifone are working together to make it easier (and instantaneous) for consumers to redeem loyalty points, some $16 billion of which are left on the table annually in the U.S., the companies said.
Banks and retailers aren’t the only companies getting into the digital wallet game. Daimler Financial Services, which operates under the same corporate umbrella as the Mercedes luxury car brand, plans to build an electronic payments service via its acquisition of Luxembourg-based PayCash Europe.
Accenture and operations benchmarking consultancy firm McLagan evaluate the applications of distributed ledger technology (DLT) in investment banking operations in the “Banking on Blockchain” report.
Delta Capita has been appointed as managed service provider to Credit Suisse EMEA Structured Products business. A number of existing Credit Suisse team will transfer to Delta Capita as part of the deal.
Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg. This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.
De Surinaamsche Bank (DSB), the largest commercial bank in Suriname, is implementing the latest version of Fiserv’s Signature core banking system and DigitalAccess for digital banking capabilities.
The world’s largest wealth manager UBS has extended its long-standing agreement with EPAM Systems, a provider of product development and software engineering solutions. The agreement – worth over $300 million – “supports the bank’s strategic cost reduction programme”, according to EPAM.
Validata Group, a specialist in enterprise software testing and release automation, has teamed up with OneAston, a Singapore-based tech services provider to the wealth management industry, to jointly work on Temenos’ WealthSuite projects.
Global asset manager Schroders has selected Capriza’s enterprise mobility platform “to power its drive to digitisation”, according to the vendor.
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
Smooth Commerce and Visa have completed the first integration of Visa’s Developer Programme in Canada and brought to market “a first of its kind innovation” in the mobile commerce space.
BNP Paribas Securities Services has teamed up with Calypso Technology to bring to market “a full, end-to-end post-trade services offering across asset classes” for investment banks.