Japanese Bitcoin Case Will Remain in U.S.
A proposed class-action lawsuit regarding the alleged mishandling of bitcoin accounts in Japan will remain in the U.S., according to a federal court ruling in Chicago this week.
News
Bangladesh Bank Hackers Steal $81 Million
Hackers behind an $81 million theft that involved the U.S. Federal Reserve have cost the leading banking official in Bangladesh his job.
UBS Securities automates risk and surveillance with Eventus
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform. Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”. The implementation has just begun. “Validus is going to bring a […]
Path Solutions gains two new takers of iMAL core banking system
Path Solutions is implementing its flagship core banking offering, iMAL, at Summit Bank in Pakistan and Wifack International Bank in Tunisia. The contracts were signed in December and the roll-out is underway. Summit Bank Pakistan-based Summit Bank is implementing iMAL as it looks to grow its Islamic banking presence. Summit Bank was searching for a […]
U.K.’s Atom Bank Will Use Machine Learning for Mobile Banking
The mobile-only bank, set to open for business later this year, integrates technology from a Xerox subsidiary into its mobile banking app.
M&A Update: Payoneer Buys Armor; FinTech Studios Acquires iUbble
M&A activity continues apace with cross-border B2B payments firm Payoneer completing its acquisition of escrow services provider Armor Payments. Meanwhile, FinTech Studios, which sells fintech software, has bought iUbble, a 2-year-old company whose own software includes a browser for Web and mobile apps.
CFPB Supervisory Highlights Focus on Remittances, Restitution
The CFPB’s latest Supervisory Highlights report is the first to detail the bureau’s examinations of remittance providers since the agency’s rules governing international money transfers went into effect more than two years ago. Next up, Director Richard Cordray’s semi-annual report to Congress.
Bank Treasury Optimisation Survey – brief, insightful & could get you a free iPad mini
Banking Technology is conducting a survey – short and sweet – to find out the banks’ priorities when it comes to treasury software and solutions. How can technology help treasurers cope with the multitude of regulation, business transformation and industry demands? The treasury function plays a pivotal role within a bank, and with great power […]
People on the Move: Anil Aggarwal, Blackhawk Network Board
Blackhawk Network has named Anil Aggarwal to the company’s board of directors.
Visa Debuts a Digital Swipe for Visa Checkout
The new design for the online and mobile payments service promises to increase transactions, according to Visa testing.
Amazon’s Alexa Enables Capital One Voice-Controlled Banking
Consumers with Amazon’s Echo and other devices can pay their Capital One credit card bills and perform other tasks through the new service.
FinLeap and SolarisBank launch “Banking as a Platform”
Berlin-based fintech incubator FinLeap and SolarisBank have created the “first” global banking platform, called Solaris – a Banking as a Platform (BaaP) service. FinLeap says it brought the team of entrepreneurs together, provided seed funding and support during the development phase for SolarisBank. Jan Beckers, chairman of FinLeap and chairman of the supervisory board at […]
Virtus Partners live with new lending platform from Misys
Texas-based asset administrator, Virtus Partners, has gone live with new back office lending system, FusionBanking LoanIQ, supplied by Misys. The new platform supports full-service agency administration and bank portfolio loan administration. It covers SME, commercial and syndicated lending. The contract was signed in November last year. The implementation work took around three months and came […]
Typo spells confusion in $101m cyber bank heist
A $101 million cyber heist has central bank officials from Bangladesh to New York quarrelling over what may be one of the biggest and boldest bank raids in history, according to CNBC. Hackers allegedly breached the Bangladesh central bank’s security system and then pretended to be Bangladeshi officials to send a series of requests for […]
LzLabs unveils world’s “first” software defined mainframe
Swiss software start-up LzLabs has unveiled the world’s “first” software defined mainframe, designed to move legacy mainframe applications and data to open Linux server and cloud platforms. Announced at CeBIT 2016, LzLabs says it is still undergoing clinical trials with ten companies, but it will be offered to customers both for use within their own […]
What will the future of money look like?
Cash payments are in decline – mobile payments are on the rise (thank you, Apple Pay, Google’s Android Pay and Samsung Pay). This nifty infographics sums up the ideas on what the future of money might look like. The infographics is courtesy of the MBNA credit card company (owned by Bank of America) and its […]
Aktia Bank signs for Accuity’s Global WatchList, perseveres with core system conversion
Finland-based Aktia Bank is implementing Accuity’s Global WatchList to provide regulatory sanctions and other compliance data. The solution covers politically exposed persons (PEPs), companies, vessels, goods, countries and payment information. Accuity says that Aktia’s decision to sign for the Global WatchList was driven by the compliance needs and the need to improve the efficiency of […]
Microsoft selects Capitalise for latest tech accelerator
Microsoft has chosen Capitalise to join its latest accelerator, the fifth cohort of its 16-week programme for “high growth” technology companies. Capitalise officially launched at Finovate last month and is the “first” online marketplace using behavioural analytics to match lenders with SMEs seeking finance. The start-up says it features more than 50 institutional lenders, enabling […]
Top fintech stories this week – 11 March 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard mulls VocaLink acquisition There are some things money can buy. US to move to shorter T+2 settlement cycle by September 2017 Make a note, industry target has been unveiled. Big US banks to fight for instant payments […]
Payment Cards Provide a Boost to the World Economy
A new Visa study finds that credit, debit and prepaid cards added some $296 billion to the global gross domestic product between 2010 and 2015.
Two Major U.S. Banks Launch Real-Time P2P Transactions
Bank of America and U.S. Bank are using the clearXchange network from Early Warning. The deal means the banks’ combined 22 million U.S. customers can send payments to each other—not to mention to customers of Early Warning’s other partners.
APEX Speakers Offer Glimpse into the Future of Retail
The changing face of commerce will be among the hot topics at the All Payments Expo (APEX) March 21-23 in New Orleans, where top prepaid, payments and retail executives will highlight the key developments that will shape the future of the shopping experience over the coming years, including omnichannel, new payment methods and the rise of millennials as a buying force.
People on the Move: Mayer Brown LLP
Mayer Brown LLP, a legal services organization advising clients in the Americas, Asia and Europe, announced that a consumer financial services group of partners has joined the firm, representing an addition to its global financial services regulatory and enforcement practice.
People on the Move: Eric Thiegs, National Gift Card Corp.
National Gift Card Corp. (NGC), a provider of B2B incentive and loyalty gift cards, has appointed Eric Thiegs president.
People on the Move: Robert O. Carr, National Infrastructure Advisory Council
President Barack Obama announced he will nominate Robert O. Carr, chairman and CEO of Heartland Payment Systems Inc. to a key post on the National Infrastructure Advisory Council.
People on the Move: PIF Board
The Prepaid International Forum (PIF), the London-based nonprofit trade association for the prepaid sector, welcomed four new members to its board of directors and announced the reappointment of three existing members.
People on the Move: Pamela A. Joseph, TSYS
Columbus, Ga.-based payments processor TSYS has announced that Pamela A. Joseph will join the company as president and chief operating officer effective May 1, 2016.
EMV’s Unintended Consequence for Gift Cards
For retailers that haven’t yet implemented EMV terminals, gift card acquisition fraud is on the rise, according to the National Retail Federation. But how big is the problem and what does it mean for legitimate buyers of the popular products?
Half of retail banks say branches to disappear within five years
Almost 50% of retail banks worldwide believe the rise of digital will bring an end to branch-based banking, according to a study by Temenos. “Retail Banking: In Tech We Trust”, the third annual study of retail banks produced in association with the Economist Intelligence Unit, reveals that banks perceive the threat from tech companies operating […]
Deutsche Börse sells ISE to Nasdaq
Nasdaq has bought International Securities Exchange (ISE), operator of three US equity options exchanges, and ISE’s holding company US Exchange Holdings, from Deutsche Börse for $1.1 billion. The agreement excludes ownership interest in Bats Global Market and in Digital Asset Holdings, which will continue to be owned by Deutsche Börse. Carsten Kengeter, CEO of Deutsche […]
Viewpoint: What’s the Best Route to Market in Europe?
Europe is the largest single market in the world and an attractive proposition for most payments businesses looking to expand, but you do need to look at the different options available and determine the best route to market for your own firm.
Viewpoint: No-Action Letters from the CFPB: What to Consider Before You Ask for One
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
Retailer Sues Insurance Company over Data Breach Defense Costs
This suit between a retailer and its insurance carrier highlights the importance of ensuring that any insurance coverage meant to account for costs and assessments stemming from a data breach is adequate.
Viewpoint: Ensuring a Level Playing Field for Federal Virtual Currency Regulation
FinCEN’s virtual currency guidance creates different AML standards for virtual currency and traditional funds, but with a slight modification the agency can “re-level” the playing field without compromising its AML policy goals.
Fuchs Joins List of High-Ranking CFPB Staffers Who Flee to Private Sector
Meredith Fuchs joins at least 45 Consumer Financial Protection Bureau employees who have left the bureau for the private sector since 2011.
Gift Card Firm SVM Expands Verticals with 1to1 Card Buy
Gift card provider SVM has bought 1to1 Card, whose prepaid program management services cover incentive, loyalty, rebate, payroll and general purpose loyalty cards.
Amex Patent Seeks to Improve Reward Redemption
American Express could be exploring a way to enable its cardholders to pay with loyalty points on e-commerce sites or mobile wallets, according to a recently released patent application.
Equiniti acquires Risk Factor and KYCnet
Equiniti Group has completed the purchase of Risk Factor and KYCnet. The acquisitions are part of Equiniti’s strategy of buying specialist technology platforms to provide regulation driven services for its clients. Last year it bought Transglobal Payment Solutions, while back in 2012 it acquired investment system supplier Peterevans. It also purchased a UK-based lending software […]
Standard Chartered brings “Bank on an iPad” to new markets
Standard Chartered has launched its “Bank on an iPad” sales and service tool in Asia, Africa and the Middle East. Called Retail Workbench, it is a digital tablet-based sales-and-service tool that “brings the bank” to clients. It is integrated with the bank’s back-end infrastructure, and will allow sales staff to open an account for a […]
Tuxedo launches world’s first “live load” payments platform
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first. The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card […]
