People on the Move: Marcus Treacher, Ripple
Ripplet, a global provider of financial settlement solutions, has hired HSBC alum Marcus Treacher as global head of strategic accounts.
News
CFSI: Startups Filling Gap for Next-Gen Prepaid Services
As entrepreneurs recognize the market potential of serving the underbanked, many of the most cutting-edge payments startups are building their products and services around the existing prepaid infrastructure, Center for Financial Services Innovation Managing Director Ryan Falvey told Card Forum attendees this week.
Card Forum Panel: Mobile Wallet Opportunities, Pitfalls for FIs
When it comes to mobile wallets, Apple Pay, Samsung Pay and Android Pay garner plenty of headlines. But while the trio of high-profile “—Pays” has finally brought long-awaited consumer attention to mobile wallets at large, are they putting bank issuers at risk of losing control of the payments experience? And, if so, how do FIs fight to stay relevant in the mobile wallet age?
Europe Boosts Potential Costs of Data Breaches
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
PayToo and City National Bank of New Jersey Launch Mobile Wallet
The PayToo wallet is targeting unbanked and banked consumers and could serve as an alternative to traditional banking, according to PayToo CEO Michel Poignant.
Eleos opts for Wirecard and CIMB Bank Singapore mPOS solution
Wirecard is partnering with CIMB Bank Singapore to provide mobile point of sales (mPOS) card acceptance and banking solutions for clients of POS solution provider Eleos Web. Software till system manufacturer Eleos will use Munich-based Wirecard’s white label solution to “expand” till functionality to incorporate mobile card acceptance. Ong Whee Shiong, MD at Eleos, says […]
Bolivia’s banking community adopts Swift’s KYC
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
PDQ ATS picks Eventus platform for risk surveillance
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed PDQ ATS for its flagship Validus risk and surveillance platform. PDQ ATS, an independent alternative trading system for equity market participants, will use Eventus’ Validus platform for a centralised look at trading, operations, surveillance, compliance and risk management information for both buy- […]
Chain links up with MUFG for blockchain
Chain, a provider of blockchain technology infrastructure, has teamed with Mitsubishi UFJ Financial Group (MUFG) to build blockchain solutions for Japan’s financial sector. Satoshi Murabayashi, CIO, in charge of digital innovation, at MUFG, says it wants to “explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”. […]
Swift to launch new payments data quality service
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
CFPB Fills Leadership Posts
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
Indian Smartphone Maker Strikes Payments Pact with Visa, TransServ
In a bid to grow its mobile payments business, Indian smartphone maker Micromax has struck a deal with Visa and payment technology provider TranServ. The three companies signed a Memorandum of Understanding under which Micromax handsets will incorporate QR code-based in-store payments service mVisa, as well as TranServ’s Udio mobile wallet app, which enables online and mobile purchases via linked Visa prepaid card.
T-Mobile Shutters Prepaid Card
A little more than two years after its launch into financial services, T-Mobile has confirmed that it’s shuttering its prepaid card program. Citing the competitive marketplace, the carrier is getting out of the business just as the CFPB puts the finishing touches on its prepaid account rulemaking.
Card-Linked Transactions Grow 50 Percent
A new report says that 70 percent of firms push offers and discounts to consumers through card-linked transactions and nearly half of those firms report transaction growth has doubled in the past year
FDIC: Non-Malicious Hack Involved 44,000 Consumers
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
EPC launches public consultation on SEPA instant payments scheme
The European Payments Council (EPC) has launched a public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. EPC says the proposed scheme is the “first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments”. […]
Infographics: Video banking – it’s on
Video banking has finally reached inflection point, according to Efma and Vidyo Inc. The two companies have carried out the research, “which uncovered massive support for video banking among financial organisations worldwide”. Nearly 80% of all banks surveyed plan to offer video-enabled banking services. Check out this nifty infographics (courtesy of Efma and Vidyo) on all […]
Delaware Unveils Blockchain Initiative
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
FTC Chair: More Security Needed for Internet of Things
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
NICE Actimize launches AML Essentials for mid-sized FIs
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
Volante Technologies makes inroads into Turkey via tie-up with Payfessional
Financial messaging and payment specialist Volante Technologies has inked a partnership agreement with Payfessional, a Turkey-based IT firm. The tie-up will see Payfessional offering Volante’s VolPay suite of payment integration and processing solutions to the Turkish banking market. Payfessional, which focuses on e-payment processing solutions for the financial services industry, will also market the solution […]
FICO: ATM Fraud Jumps 546 Percent
The credit monitoring firm says criminals in the U.S. increasingly are targeting non-bank machines and ATM fraud has moved from the coasts into the heartland.
How U.K. Fintech Firms Can Access Faster Payments
Raphaels Bank releases a white paper that encourages fintech providers to outsource some of the work to access the country’s Faster Payments Scheme.
PayNearMe, 7-Eleven Offer Tax Payments at Retail
Cash bill payment specialist PayNearMe is giving taxpayers a new way to pay the IRS without using a bank account or payment card. The company’s new service enables users to make cash tax payments at nearly 7,000 7-Eleven store locations via barcode scan.
Ingenico Continues Omnichannel Push with Startup Buy
2016 Pay Awards winner Ingenico Group has acquired Think&Go NFC, a startup specializing in enabling digital displays to interact with connected objects like smartphones and transit passes. The acquisition is part of Ingenico’s plan to strengthen its omnichannel presence over the next several years.
Bigbank overhauls credit processing with Provenir
Estonia-based Bigbank is modernising its credit decisioning and loan origination processes with Provenir. Provenir’s cloud-based solution will reduce time to market, improve efficiency and customer centricity at the bank, says the vendor. Agur Jõgi, chief technology officer at Bigbank, comments that investment in technology will help the bank to achieve the goals of “delighting customers” […]
Earthport and Ria Money Transfer join forces for remittances
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
M&A in investment management tech space: Linedata acquires Derivation
France-based Linedata has taken over fellow investment management software provider, Derivation. Derivation specialises in risk, analytics, and portfolio management solutions to institutional and hedge fund managers. It is based in the UK, employs 20 people and its pro-forma revenue for 2015 is £2 million (€2.5 million). The acquisition has now been completed. Derivation’s products will […]
Insights EMEA: what corporates want from their banks
The recent D+H conference in London has provided a platform to corporates to share their experiences of dealing with banks, vent their frustration, highlight the improvements and discuss the latest developments and the way forward. Unsurprisingly, the main themes were standardisation, automation and the reduction of complexity. The panellists – representatives of Hilton Worldwide, Ingersoll […]
Top fintech stories this week – 8 April
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up Key highlights, what went well and what could be improved. Money 20/20 Europe: KYC/ID, commerce disruption and femtech round-up Valid points raised, key issues discussed. A must […]
Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up
Here’s a round-up of yesterday’s (6 April) panel discussions and today’s (7 April) sessions at Money 20/20 in Copenhagen. In “Biometric identity and its applications in financial services and payments”, on 6 April, it was a case of the panel moderator questioning the audience as the first step. When asked if they had biometric authentication […]
APEX: let the good times (and insights) roll
At the All Payments Expo in New Orleans, engagement and security were all the rage, while payment experts looked toward new prepaid rules from the federal government.
Insights EMEA conference: corporate banks and their pains
At the D+H customer event in London, Insights EMEA, there has been a lot of talk about innovation, blockchain (of course) and where corporate payments are heading. Whilst D+H and its Global Transaction Banking Solution (GTBS, formerly Fundtech) unit are, understandably, promising their clients better solutions – so we won’t dwell on that – it […]
Money20/20 Europe: M-Wallet Future
During a panel at Money20/20 Europe in Copenhagen on April 5, experts discussed the challenges of creating personalized experiences to entice users and deliver those experiences at scale.
Money20/20 Europe: Consumer Appetite for Digital Wallets Growing in Europe
Europeans are showing an increased interest in digital wallets and almost a third (31 percent) say they’re likely to use a digital wallet on a mobile device, 5 percent more than the previous year, according to Aimia research released this week at Money20/20 Europe.
A Decade in, PayPal’s Mobile Business Booming
PayPal Inc. has unveiled a new chart that shows just how quickly its mobile payments have spread in the U.S. over the past decade. Issued in a PayPal blog post to mark 10 years since the company offered its first mobile payments service—which enabled users to send money via text—the chart tracks PayPal’s mobile payments volume by year. Since beginning at under $50 million in 2006, mobile payments volume shot up, cracking the $1 billion mark in 2011—and the $10 billion plateau just a year later.
CFPB Reports on Complaints from Military Community, Prepaid Remains Low
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Money 20/20 Europe: KYC/ID, commerce disruption and femtech round-up
Here’s a round-up of yesterday’s (5 April) panel discussions at Money 20/20 in Copenhagen. In “Knowing me, knowing you: Streamlining KYC, ID and customer onboarding” the issues of identity and how service providers are using new technologies for verification were examined. A question to the audience as to whether ID-based payments are dead received a […]
Money20/20 Europe: ‘The Empire Strikes Back’
The relationship between banks and the startup fintech community has gone through various stages and may depend on your geography. But during an introduction of the three StartupPitch competition winners at Money20/20 Europe today in Copenhagen, Matt Harris, managing director, Bain Capital, likened the state of the fintech industry to the second movie in the original Star Wars trilogy—The Empire Strikes Back.
Money20/20 Europe: Surveys Say Consumers, Industry May Not Be on Same Page
Two firms presented research at Money20/20 Europe in Copenhagen on April 4—with very different focal points. While CGI’s survey delved into what consumers want out of financial services—and from which companies they’d like to receive those services—Edgar, Dunn & Company presented research sponsored by Wirecard from its “10th Annual Advanced Payments Study” examining industry stakeholder attitudes and predictions for the future.
