Citi and Deutsche Bank have joined Neptune Networks, an open-standard network for bond pre-trade real-time AXE indications. The have also taken stakes in the venture and joined its board.
Swedish trading technology specialist Cinnober is spinning off its real-time clearing business into a separate subsidiary. Cinnober currently provides this service – known as “client clearing” – to large international banks and is keen to grow the business.
With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?
Israel’s Bank Leumi is gearing up for the launch of its new digital banking subsidiary, Pepper. It is expected to open its virtual doors for business before the end of 2016. The tech is provided by Temenos.
Prison cards are under fire again, this time in Arizona. Bank of America has been named in a proposed class action lawsuit over claims the bank charged excessive fees on prepaid cards issued to former prison inmates in the state.
Fintech companies and challenger banks in the U.K. have a new tool for targeting consumers without traditional banking relationships. Prepaid card issuer Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is working with payments processor GPS and Bottomline Technologies to support a digital banking solution called “U,” which was designed by U.K. program manager FFF Ltd.
Visa-backed mobile payments will expand in Africa thanks to a deal with pan-African banking group Ecobank. The agreement follows a similar one the bank struck with Mastercard in 2014.
SEB has teamed up with blockchain specialist Ripple to enable SEB customers to make real-time transfers between SEB accounts in Stockholm and New York. This is “the first step” of a larger blockchain-based payments project.
It may not be surprising that MCX’s largest member will support Chase Pay, but it’s still a coup for the bank-backed mobile wallet, which already has deals with some other retail heavyweights. Walmart will begin accepting Chase Pay starting in 2017.
With holiday shopping expected to kick into high gear after this week’s U.S. presidential election—and gift cards at the top of everyone’s list—shoppers looking for the perfect gift will have a new option: Gift of College Gift Cards. Atlanta-based technology provider InComm is working with Gift of College to distribute the gift cards, which can be used to contribute to any 529 college savings plan, at Toys“R”Us and Babies“R”Us stores.
Wipro has unveiled its Open Banking API Platform as its “expects a large number of banks and financial institutions to adopt open banking initiatives to conform with evolving banking regulations, meet customers’ digital expectations, and stay ahead in an increasingly competitive fintech industry”.
U.K.-based Tesco Bank was the victim of a security breach over the weekend that exposed thousands of customer accounts, half of which had money removed. The bank’s fraud security systems detected “suspicious activity” Nov. 5, affecting approximately 40,000 accounts, and 20,000 of those accounts had money stolen from them, a Tesco Bank spokesperson tells Paybefore.
Ride-hailing service Uber has partnered with Mexico-based digital bank Bankaool to launch a new debit card to reach riders without access to a bank account. Linked to an account with the Mexican online bank, the Mastercard-branded UberCard could help drive ridership of Uber among consumers in Mexico who don’t have a traditional payment card to link to the app.
California already has a way to protect consumers from predatory lending practices while also encouraging the kind of innovation that leads to increased access to responsible and affordable credit—especially for those most often left out of the financial mainstream.
Oct. 5, 2016, the CFPB released its final rule governing prepaid accounts. The final rule and its commentary come in at nearly 1,700 pages. Find out what products are covered under the rule, what triggers Reg Z and what still needs clarifications before the regulations go into effect Oct. 1, 2017.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
There has been a tremendous amount of excitement and discussion about the potential of blockchain technology to transform the financial services industry and beyond. But the only thing that is clear at the moment is that there is still a lot of work to be done to implement wide scale use cases, clear up any regulatory uncertainly or barriers and educate institutions and employees about the technology and its potential.
Let’s put the fun in funding by keeping it mercifully brief. A round-up of some key events. KEEN Venture Partners, a new venture capital firm operating from London and Amsterdam, has announced €90 million first close of its inaugural fund. It will use the money to provide early growth capital for tech firms with a […]
Regulatory technology (regtech) is winning the race to combat regulatory compliance exposure and mitigate conduct risk – especially in digital business environments. Join us for a webinar to debate this hot topic.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Weatherbys Bank live with new core banking system EXCLUSIVE. Oracle FSS’s Flexcube flexes its muscles. Mobile payments and European millennials Vocalink reveals millennials’ habits and perceptions. Japan rises to blockchain challenge with new consortium Launches with 42 member […]
Dysrupt Labs has launched Percypt, the “first” Software-as-a-Service (SaaS) collective forecasting platform. The firm says Percypt is designed to give organisations insight on questions; and by tapping into the combined insight of its teams and networks, it says collective forecasts are 30-80% more accurate. Dysrupt Labs CEO Karl Mattingly says surveys, polls and traditional management […]
A Pennsylvania appeals court has sided with McDonald’s employees, deciding that the owners of 16 franchises were in violation of the state’s Wage Payment and Collection Law (WPCL) by requiring employees to be paid with payroll debit cards. The court filed its decision Oct. 21, 2016, which stems from a 2013 lawsuit—consisting of a class of 2,380 current and former employees, according to Law360—alleging that franchise owners Albert and Carol Mueller made it mandatory that employees’ wages be paid through payroll card rather than cash or check.
As the holiday shopping season kicks into gear, Dunkin’ Donuts customers now can send gifts via Apple iMessage in iOS 10. The popular chain—and longtime mobile pioneer—is the first national coffee retailer to integrate with the updated messaging service, which enables users to access the Dunkin’ Mobile App within a chat and purchase a mobile gift card using Apple Pay.
Despite Brexit, 72 percent of British banks think London will remain Europe’s financial center in five years, according to new results from a survey the Tabb Group conducted on behalf of consultancy Synechron. Yet 55 percent of the 80 capital market executives polled said their financial institutions have set up committees charged with coming up with relocation plans as the U.K. prepares to leave the European Union.
UK challenger “neo-bank” Pockit says it now has 100,000 customers, “nearly twice as many” as three of its rivals – Monzo, Atom and Tandem – “combined”. On its website, Pockit says it is a “prepaid MasterCard, not a bank”, so the term “neo-bank” may be worth scrapping or explaining. It’s been around for a while, […]
Deutsche Bank, Morgan Stanley, Nomura International and Societe Generale have teamed up to produce documentation for use in listed and unlisted repackaging transactions. According to the banks, repackaged products provide the investor exposure to the underlying credit of an issuer and are specifically designed for the investor’s risk-return needs. In addition, cash flows can be […]
As banks gain a more prominent spot in the mobile payments market, will they become the one wallet to rule them all?
Thomson Reuters is set to cut 2,000 jobs globally, taking a Q4 charge of $200-250 million as it aims to “streamline its business”. The restructuring will affect 4% of the Thomson Reuters global workforce across 39 countries and 150 locations.
The global prepaid card base will increase to 921 million in 2021, up 46 percent from 624 million as of Dec. 31, 2015, according to a new forecast from U.K.-based Retail Banking Research, or RBR. Despite the prepaid surge, debit will continue its dominance of the overall cards market. RBR’s “Global Payment Cards Data and Forecasts to 2021,” which does not cover closed-looped prepaid cards, found that debit cards in 2021 will account for 72 percent of all payment cards worldwide, up from 70 percent in 2015.
In the wake of a massive distributed denial-of-service (DDoS) attack that shut down hundreds of Websites in October, the Smart Card Alliance has issued a warning on the “critical need” to ramp up security on hundreds of thousands of Internet-connected devices. It’s those devices—which range from cars to refrigerators and make up the Internet of Things (IoT)—that hackers are hijacking and incorporating into their botnet attacks, making attacks large enough to overwhelm Websites’ defenses—as was the case in the most recent attack, which affected major Websites including Twitter, Netflix and Spotify, among others.
New York State’s pioneering BitLicense program could be losing momentum after the departure of New York State Department of Financial Services (NYDFS) head Benjamin Lawsky last year. The state has issued just two BitLicenses since enacting the program in June 2015, shortly before Lawsky left the agency. Another 15 licenses are pending, while four applications have been withdrawn and four others have been denied, according to Reuters, citing an NYDFS spokesperson.
Self Bank, the Spain-based online subsidiary of France’s Boursorama financial services group, said it will register new customers via video-conferencing, biometrics and electronic signatures, a move that could reduce time and costs of the expensive customer-onboarding process.
MasterCard has unveiled its own blockchain as it reacts to arch-rival Visa’s partnership with Chain and seeks to use the technology in payments and trade finance. Its version is currently at the testing stage and offers the usual things in this corner of the fintech world. These include smart contracts – scriptable transactions that automate […]
Deutsche Bank is opening its data store to software developers from Germany and abroad as it looks for more digital solutions for its bank clients. Its site, developer.db.com, will from tomorrow (1 November) provide access to the bank’s proprietary development environment, allowing programmers to test their ideas for “digital services of the future”. The bank […]
Singapore-based DBS Bank is buying the retail and wealth business of Australia and New Zealand-based banking group, ANZ, in Singapore, Hong Kong, China, Taiwan and Indonesia for about SGD 110 million ($79 million) “above book value”. The exact figure has not been disclosed, but the portfolio represents total deposits of SGD 17 billion ($12.2 billion), […]
As part of its mission to improve the U.S. payments system, the Federal Reserve’s Secure Payments Task Force is seeking industry input on ways to beef up security. Industry members can provide comment through online surveys, which are separated into the task force’s three areas of focus: payment identity management, information sharing for the mitigation of payment risk/fraud and data protection.
Election-season politics are taking up ad space typically used to get holiday shopping on the minds of consumers—but observers predict a post-election surge as Americans finally get into the holiday shopping spirit. And much of that spending will be on gift cards—both as gifts for others and for self-use.
Audio-based payments continue to make noise with India’s YES Bank enabling payments via sound waves over its mobile wallet and OCBC Bank becoming the first in the Asia Pacific region to enable secure payments via Apple’s Siri service.
Misys has signed a five-year enterprise license agreement with Deutsche Bank giving it “unrestricted access” to deploy Misys FusionBanking Lending and Misys FusionCapital solutions across the business. Misys’ FusionBanking Lending offering includes the Loan IQ back office platform for syndicated lending and the front-end that originates from Custom Credit Systems (CCS), a US-based provider of […]
No more drowning in tons of paper and receiving eye-watering bills from lawyers – Drooms introduces a brand new virtual data room, Drooms NXG. The work is a result of a two-year development, says Jan Hoffmeister, managing director and co-founder of Drooms, and features self-learning software and automatic translation from core European languages to English. […]
