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.
Following a joint project with O2 to create Germany’s first mobile-only, full-service bank account, GFT Technologies and Fidor have entered a broader “strategic innovation partnership”. The focus is on developing mobile financial and banking apps, and marketing/selling Fidor’s proprietary technology, Fidor Operating Systems (fOS).
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.
UK-based specialist vendor Lombard Risk has launched a cloud-based collateral management platform, underpinned by its long-standing development in this space, Colline. The new solution is known as AgileCollateral.
UnifyID, a California-based fintech start-up, has brought to market its flagship identity and authentication platform. The proposition is “holistic implicit authentication”, i.e. it leverages the individual’s uniqueness to identify and authenticate the person by combining a number of biometric authentication features, analysing the patterns and utilising the machine learning technology.
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.
Digital banking software specialist Backbase has launched a new customer onboarding solution, which promises a complete “streamlined, omnichannel onboarding process” in just 60 seconds.
Fintech start-up Clinc says it has created “the world’s first” open source platform for building artificial intelligence (AI) and deep learning-based personal assistants. Clinc calls it “the financial genie” or “Finie”. It is pitched to banks, financial institutions and personal finance managers. The solution was developed by a group of professors at the University of Michigan, […]
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.
Russell Investments, a US-based asset management firm, has chosen Qumram to provide compliant digital record-keeping. Qumram, a digital interaction audit solutions provider, says it mitigates risk at Russell Investments by recording and retaining all digital interactions on the firm’s corporate website in real-time, in accordance with global regulatory requirements. Qumram says that “increasingly, regulation is […]
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.
The term “fintech” has long been tied to the idea of disrupting the existing financial services industry. Although that spirit remains, Discover sees a maturation of the market and a growing realization from investors and startups that there is a greater value in collaborating with the industry rather than trying to supplant it.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.
Discovering the secrets of the universe may not be part of Sam Shrauger’s day job, but exploring what’s possible in payments is. As senior vice president of digital solutions at Visa Inc., Shrauger is responsible for making sure the payments network is leading the charge into new territory—whether that’s through Visa Checkout, contactless payments, wearables or whatever comes next.
A handheld card reader released last year has helped U.S. law enforcement agencies seize or recover about $10 million in fraudulent prepaid funds, according to the Dept. of Homeland Security.
As EMV faces rollout hurdles in the U.S., two major terminal makers, reporting adoption delays from smaller merchants, are paying the price.
“We can be the iTunes for finserv,” was one of the messages from Avaloq CEO Francisco Fernandez on company strategy and software functionality. This morning at today’s (7 September 2016) Avaloq Community Conference at the Seminarhotel Bocken in Horgen, Switzerland, the private banking software specialist is holding an open day as it looks to the […]
Barclays and fintech start-up Wave claim to have become the first organisations to complete a global trade transaction using distributed ledger/blockchain technology. Barclays is now calling on other banks to adopt Wave’s platform. “This can develop into an industry-wide improvement in how trade documentation is managed,” Barclays urges. The letter of credit (LC) transaction between […]
Fintech vendor Mambu says it has added 25 new clients to its portfolio this year and is set to double this figure by the end of 2016. It will also more than double the size of its team by the year-end. “All [of Mambu’s new customers] are focused on servicing consumers and businesses poorly reached by […]
PayPal has struck a deal with Mastercard, resulting in, among other terms, Mastercard being presented as an equal payment option within the PayPal Wallet, customers having the option to select Mastercard as their default payment method and Masterpass becoming a payment option for merchants of Braintree, a PayPal subsidiary.
Consumer adoption of mobile payments is on the upswing, according to a new report by First Annapolis Consulting, which found that 74 percent of respondents had made at least one mobile-based payment in the preceding 12 months—up significantly from just 40 percent a year earlier.
Mobile payments have reduced financial fraud in Nigeria, according to the 2016 Brookings Financial and Digital Inclusion Project Report.
A new mobile payments deal will enable Chinese tourists and students to use their WeChat mobile wallets in Australia.
Tech Mahindra and its specialist banking IT consultancy and integration subsidiary, Sofgen, have been recruited by Barclays Wealth for its tech modernisation initiative. Barclays has been rolling out a new core banking platform – Avaloq Banking Suite – for a number of years, as well as a new front-office investment management platform, Charles River’s IMS. […]
Erste Bank Hungary is implementing ACI Worldwide’s UP Retail Payments solution, upgrading from the older versions of ACI’s solutions. The bank will also deploy ACI Proactive Risk Manager (a fraud management solution) and ACI Interchange (central monetary transaction manager) to calculate interchange fees. Erste and ACI have been working together since 2003. Tamás Foltányi, COO […]
Commcise has implemented its flagship cloud-based commission management software, CommciseBuy, at BNP Paribas Investment Partners (BNPP IP). The project covers the investment manager’s international network across Europe, North America and Asia Pacific. The new solution comprises “a complete multi-broker, multi-asset, integrated commission sharing agreement (CSA) and share-of-wallet hosted service”, says the vendor. Commcise also provided […]
Lend me your ears… and eyes. LendIt and Capital One are to co-host PitchIt @ LendIt, a competition to “find a future star of the fintech world”. The competition is aimed at firms innovating within the online lending and fintech space. It provides a showcase for eight firms to pitch their business case to a […]
BGL BNP Paribas, a Luxembourg-based subsidiary of BNP Paribas, has gone live with a new centralised hub for securities processing. The technology that underpins it is the Olympic core banking system, supplied by banking tech vendor ERI. ERI is a long-standing supplier of core banking software to BNP Paribas’ wealth management and private banking businesses. […]
