R3 has made its blockchain platform’s code publicly available as it seeks to make it an industry standard. The Corda platform has been developed by R3’s consortium, which comprises more than 60 financial institutions around the world (the latest addition is Synchrony Financial – the first credit card company to join the consortium). “We want […]
Laos-based ST Bank is replacing its legacy systems with solutions from Oracle FSS and JMR Infotech. On the way out is the Smartbank core banking system from a Vietnamese developer, FPT.
Visa has unveiled Visa B2B Connect, a new blockchain-based platform that it is building with US-based blockchain specialist Chain Inc. At present, the solution is in preview mode. It will be piloted in 2017.
Ingo Money is teaming up with Visa again, this time to enable corporations, merchants, financial institutions and governments to make payments directly to more than 4 billion consumer prepaid, debit and credit cards, and mobile wallet accounts.
Here’s a shocker: Gift cards will be a popular item during the holidays and a bright spot for retail sales. New survey stats released Oct. 20 from InComm show that 95 percent of consumers expect to give two or more gift cards this year, a slight increase from last year.
Jargon defeated. Unnecessary words deleted. A brief payments round-up. LeFinance, a division of Beijing-based tech firm LeEco, has partnered with the Stellar Development Foundation for cross-border payments on the latter’s blockchain network. The deal means Stellar expands into China. LeFinance will also use Stellar’s network to monitor credits for usage across their various devices and […]
IT services integrator Wipro has signed a definitive agreement to acquire US-based Appirio, a cloud services company, for $500 million. With the acquisition, Wipro will get Topcoder, a crowdsourcing marketplace for designers, developers and data scientists; and expand its cloud offerings. Abidali Neemuchwala, CEO and member of the board at Wipro, says it will “consolidate” […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland in major tech revamp EXCLUSIVE. Accenture and Capgemini working on Project Omega. Trouble in the R3 paradise? Thinking about time and money. Millions at risk from India ATM hack Debit cards in danger due to […]
R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]
The number of households without bank accounts fell to its lowest level since the FDIC first began conducting its biannual survey in 2009. Seven percent of U.S. households were unbanked last year, according to the FDIC’s 2015 National Survey of Unbanked and Underbanked Households, released Oct. 20.
Online shoppers in the U.K. looking to get their hands on the latest athletic apparel now, but who might not have the funds to purchase them until later, can pay in installments.
Chase said on Oct. 19 that Wakefern Food Corp., a supermarket chain based in New Jersey, will soon accept Chase Pay mobile payments. CVS Health, meanwhile, is rolling out its in-house CVS Pay service across the United States
Dubbed PayItNow, the white-label service is fully integrated within the existing digital platform COCC provides its client financial institutions.
Temenos has reported a growth in total quarterly revenues by 9% and profit by 17% on the back of major banking tech revamps. For its third quarter 2016 results, IFRS revenue for the quarter was $160.6 million, up from $145 million in Q3 2015. Non-IFRS revenue was $160.8 million for the quarter, up from $148.9 […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Words cut. Time saved. A round-up of key events in the payments enclave. Azimo, the money transfer service, has launched a new version of its mobile app for Apple and Android users. On the iPhone, the app will allow users to transfer money through the voice-activated Siri system. Customers can transfer money by telling Siri […]
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
Wirecard AG and Orange have launched a parent-supervised, prepaid mobile payment service for teenagers called Orange Cash Jeune. Parents go online to create an account for their children who are younger than 18, signing up via the Web interface of Orange Cash before the app is installed on their children’s smartphones.
A new mobile payments platform from FIS aims to make shopping easier for consumers at gas stations and convenience stores. Called BuyWay, the technology “unites all points of contact within a transaction to deliver seamless, secure, personalized shopping experiences at thousands of gas stations and convenience stores across the nation,” FIS said this week.
Despite the 60 percent growth of mobile e-commerce to $120 billion in 2015 from 2014, many merchants are doing little to sway consumers to use their apps versus using a mobile browser, according to a Javelin study. Last year, consumers’ purchases via Web browser totaled $75.3 billion, while retailer apps accounted for just less than $47 billion.
Experiments with mobile order-ahead continue to be on the menu for many companies in the fast-casual dining vertical, with popular burger chain Shake Shack launching a test run of the service this week as part of its first-ever app. At the moment, the order-ahead function only works at one Shake Shack location, in midtown Manhattan, which the company said will serve as a market test for the service before rolling it out to “additional markets.”
Tieto says it is the first Nordic company to appoint artificial intelligence (AI) to the leadership team of a new data-driven businesses unit. The AI, called Alicia T, will help the management team to become “truly data-driven”; assist with unspecified “innovative ways”; and possess the capacity to cast votes. Ari Järvelä, head of data-driven businesses […]
Symphony Software Foundation has launched an open developer platform. The foundation hosts open source development, bots, apps and integrations on the Symphony platform. It will also provide community contributors and foundation member organisations with access to the Symphony API, as well as development tools. Gabriele Columbro, executive director, Symphony Software Foundation, says open source “fuelled […]
Online commerce accounts for 8.5 percent of all card transactions but 45 percent of fraud, according to Javelin Strategy & Research. As more transactions move to online and mobile channels, fighting fraud in those channels will become even more challenging. Discover Global Network discusses the latest fraud-prevention tools that offer protection without adding friction.
Fintech start-up Configo has launched a project to aggregate the API portals launched by financial players around the world. It is not commercial driven but is “just a small project to put everything in order”, says Yosi Dahan, co-founder and CEO of Configo.
Citi Treasury and Trade Solutions has launched electronic document submission (eSubmit) for account opening. The service is available in “select” Western European countries and allows clients to complete the account opening process by returning electronic versions of documentation rather than paper. Sabine McIntosh, global head of account services product, Citi Treasury and Trade Solutions, says […]
Accenture has acquired London-based design consultancy Allen International as it looks to boost its digital banking ambitions. Terms of the transaction were not disclosed, but Accenture says Allen International has worked with more than 350 banks around the world including nine of the top 20 banks. Customers include Emirates NBD, Bank of Ireland, CIBC, Banorte, […]
The desire to spend more time with family and the rigors of travel have compelled Charlie Scharf to step down as Visa Inc. CEO, according to an Oct. 17 announcement by the payments network. Replacing him is American Express veteran Alfred Kelly Jr., who was unanimously appointed by the board of directors.
Verifone said Oct. 18 that it had adopted and deployed a new mobile API standard designed to better tie together payment and loyalty applications for customers at gas stations and convenience stores.
A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.
Payment card data from shoppers at the online store operated by the National Republican Senatorial Committee have been stolen by Russian cyber criminals, according to a Dutch security expert.
More than 60 of financial institutions around the world (including many top-tier banks) are involved in the R3 consortium, with considerable financial and resource commitments. The international consortium promises to build a common blockchain-based platform – called Corda – but the end-result is still a number of years away.
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
With the U.S. rollout of EMV making it harder for fraudsters to target merchant POS systems, thieves increasingly have set their sights on ATMs. But cash machines won’t be such an easy target for long, as the same technology that has increased POS security is steadily making its way to ATMs.
U.K banks don’t report all the cyber attacks directed at them, according to a Reuters report. The U.K.’s Financial Conduct Authority reports at least 75 cyber attacks against financial institutions this year, but the news agency quoted experts who said that total is likely underreported. That’s in part because British banks are not required to report every such attack.
Japan might remove its 8 percent sales tax on bitcoin and other virtual currency transactions, according to reports. The plan stems from the country’s Ministry of Finance and the Financial Services Agency, according to an Oct. 14 report in Japan Today. It said regulators intend to study the issue via a committee; among the questions is what constitutes a virtual currency.
BNP Paribas has selected Fidessa’s derivatives trading platform to underpin the bank’s futures and options agency trading business. The platform will support the workflow requirements across Europe, Asia-Pacific and North America. It will also provide BNP Paribas with a suite of specialised derivatives algorithms, including benchmark algos and advanced synthetic order types to normalise trading […]
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
Provident Credit Union in California and MountainOne Bank in Massachusetts have gone live with new core banking software – PhoenixEFE from D+H Corporation.
Bitcoin wallet provider Blockchain.info has been the victim of a hack attack on its DNS servers. It experienced an outage for several hours while under attack, and Peter Smith, the CEO and co-founder, says its internal systems “alerted our infrastructure team who immediately began to assess the attack” but it “became clear the attackers gained […]
