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Report: U.K. Mobile Banking on Rise as Branch Visits, Desktop Banking Dwindle

Mobile banking is catching on in a big way in the U.K., with payments via mobile banking apps reaching £347 (about US$456 million) in 2015, up a whopping 54 percent over the previous year, according to a new study. The Way We Bank Now, a report from the British Bankers’ Association (BBA) and professional services organization EY, found that U.K. consumers used mobile banking apps—ranging from those of major banks to full-featured mobile-centric accounts—more than 4 billion times last year.

Vermilion signs new deal in the UK

Vermilion secures asset manager in Australia for reporting

Vermilion Software, a UK-based supplier of client reporting and communications software, has been selected by one of the largest investment managers in Australia, Challenger. Challenger has chosen Vermilion Reporting Suite for its institutional client base. David Mackaway, general manager of operations at Challenger, says: “Vermilion’s multi-tenanted approach will enhance our ability to deliver reporting for […]

Banking Technology Awards 2016 issues call for entries

Entries are now open for the prestigious Banking Technology Awards – the premier event recognising excellence in the use of technology in banking and financial services, strive for innovation, and professional contribution to the industry’s betterment. Highlights A comprehensive list of categories to laud the best of the best across a broad range of IT […]

Top fintech stories this week – 22 July 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]

PayPal Cuts Deal with Visa, Abandons ACH Push

For those wondering if the post-eBay PayPal would act differently, July 21 gave us the answer: Yes. On Thursday, PayPal announced a strategic partnership with Visa where Visa would get preference—in both PayPal and Venmo apps—and PayPal said that it would “not encourage Visa cardholders to link to a bank account via ACH” and “PayPal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards.”

Mastercard Makes Big U.K. Play with $1.1 Billion VocaLink Investment

Mastercard is set to gain control of a major chunk of the U.K. transaction processing market, entering a definitive agreement to acquire 92.4 percent of VocaLink in a deal that could total up to $1.14 billion. A bank-owned consortium, VocaLink’s technology underpins the British direct debit and credit payments system, as well as the LINK ATM network and the Faster Payments Scheme for real-time mobile and Internet payments.

Artemis implements behavioural analytics software for compliance, Sybenetix Compass

Artemis, a UK-based fund manager with £22.6 billon assets under management, is implementing new behavioural analytics software for compliance. The solution – called Compass – is provided by specialist vendor Sybenetix. It will support the market abuse surveillance functionality, case management and conduct management, end-to-end. This is a multi-year deal and is an extension on […]

U.S. Senators Go to Bat for Credit Unions and Community Banks

In this contentious presidential election cycle, it’s hard to imagine anything getting 70 percent of the Senate to back it. But 70 U.S. Senators want the CFPB to lay off credit unions and community banks when it comes to certain, unspecified rules.

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?

Company on the Move: Givex, UKGCVA

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.

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.

Santander InnoVentures gets another $100m for fintech investment

Santander InnoVentures, the fintech venture capital fund of Santander Group, has secured a further $100 million in funding from the group’s balance sheet. Launched in 2014, Santander says the fund is now set to deploy a total of $200 million (up from the $100m originally allocated) in minority stakes in fintech start-ups. Santander says this […]

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 fintech news

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.

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