UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards. Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity […]
A bank-wide replacement of its main business applications is ambitious enough but it is just the starting point for Amsterdam Trade Bank (ATB), as it seeks to harness new technologies, adopt a new culture and digitise its business.
Mastercard has unveiled its B2B Hub to help SMEs speed up invoice and payment processes with accounts payable and payment automation tools. According to the firm, a majority of all B2B payments in the US are still made via cheque with manual payment processes. The Mastercard B2B Hub, delivered through card issuers, is an automated […]
A new instant-issuance product from CPI Card Group promises faster card processing times along with higher resolution printing. Called Precision by Card@Once, the system is designed to improve security and the customer experience.
Myanmar-based Ayeyarwady Bank (AYA Bank) has signed for Misys’ Fusionbanking Essence core banking platform.
Breathless reports point to a terrifying increase in U.K. contactless fraud. Dig a little deeper, however, and the story changes.
Visa is beefing up its Verified by Visa authentication service. The payments network said it’s upgrading its back-end to support 3-D Secure 2.0. The 3-D Secure messaging protocol was invented by the network more than 15 years ago and has become an industry standard for online authentication.
There is no question that the commercial card sector is growing strongly. According to Research and Markets, the US commercial card market in particular is outstripping other B2B payment types. For banks and banking services providers, this presents a huge opportunity to grow revenues while improving customer experience – a vital component in customer retention and increased lifetime value.
Mastercard has appointed Shafi Shaikh executive vice president, customer delivery, Asia-Pacific. Shaikh oversees customer support, product delivery and customer relationships.
First Data will buy U.S.-based payments processor CardConnect for about $750 million in cash, including the repayment of debt.
BitPay, a 2017 Pay Award winner, said this week that it has released its BitPay Visa Prepaid Debit Card in 131 countries. The card “makes it possible for users to convert bitcoin into a spendable dollar, euro or pound balance” on the card in a matter of minutes, the company said.
Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018, according to trade association Payments UK (soon to become UK Finance). Despite this surge, its latest forecast still does not herald the demise of cash – even in ten years’ […]
Amsterdam Trade Bank (ATB) is undergoing a major technology overhaul with Misys as a key partner. The bank is implementing Misys’ solutions from the Fusionbanking and Fusioncapital portfolios to modernise its corporate banking, treasury and capital management (TCM) and trade finance operations.
Supercard, a new card and mobile product launched by Travelex and Wirecard last June, is now being sunsetted.
Montenegro-based Crnogorska Komercijalna Banka (CKB), member of Hungarian financial services group OTP, is implementing a new digital channels banking platform, Misys Fusionbanking Essence.
Words cut. Time saved. A round-up of key events in the payments enclave. Featuring Australian Settlements Limited, IBM, Mastercard, UnionPay International, Visa and Wirecard. Financial services provider Australian Settlements Limited (ASL) has adopted IBM Cloud for its new payments platform (NPP) implementation. ASL provides members, including building societies, credit unions and mutual banks, with settlement […]
Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.
It’s vacation season, and employers have a new tool to encourage employees to take much-needed time off and come back more productive. 401Play is offering what it calls a vacation savings account program with a companion Capital Prepaid Services’ BlazePays Visa Prepaid Card to help employees save for vacation.
Samsung Pay has arrived in the UK with Visa keen to reveal that its account holders can use their compatible Samsung smartphones for purchases worldwide. In terms of Visa, the service is available to its cardholders who bank with MBNA, Nationwide and Santander. Samsung adds that its app can be used with HSBC (Mastercard and […]
Consumers age 16 through 22 are open to communication from brands but have high expectations of those brands, demanding high levels of customer service and the latest in omnichannel functionality, according to a new study from American Express.
Bank has found another way to use the artificial intelligence-powered virtual assistants. The online-only Australian bank launched RoboChat May 15 to help home buyers—and homeowners who want to refinance—complete UBank’s online home loan application more easily.
France-based retail giant Carrefour and French bank BNP Paribas have joined forces to launch Lyf Pay, a new mobile wallet that supports in-store and P2P transactions as well as loyalty cards, coupons and offers.
This free white paper provides a structured framework for measuring performance of commercial card programmes across multiple industry sectors, suggests a range of norms for card penetration and usage, and describes the key data points for measurement. It also describes the actions that card issuers could take to maximise value from the programmes they have running: retaining business that is already fruitful, and nurturing business which could be more abundantly fruitful.
Misys is getting in on the artificial intelligence (AI) act, with the launch of Misys FusionCapital Detect – a component for its trading solution which uses machine learning to spot booking errors, anomalies and unusual activity. The firm says FusionCapital Detect behaves as a personal assistant for trade validation teams, red flagging probable mistakes that […]
A UK judge has taken a swipe at contactless card payments because they make life too easy for criminals. According to the BBC, Exeter Crown Court recorder David Bartlett says it is “quite ludicrous that the banks have allowed this to happen”, after hearing how a card was used by a thief to buy goods […]
Misys has announced the availability of its solutions for German retail banks in the cloud. Diebold Nixdorf will deliver infrastructure services out of its certified data centres in Germany.
Current, a startup comprised of a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances
The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.
U.K. challenger bank Starling is staying busy with the launch of its real-time mobile offering, Starling Payment Services. The new division of the bank will offer sponsorship access to the U.K.’s major payment schemes, enabling other banks, payment service providers and fintech companies to use real-time payments from the summer.
The clock is winding down for US Congressional lawmakers to repeal the Consumer Financial Protection Bureau’s (CFPB) final prepaid accounts rule under the Congressional Review Act (CRA), reports Paybefore (Banking Technology‘s sister publication). Under that law, Congress has until 9 May – 60 legislative days after the law was published in the Federal Register – to repeal […]
FinovateSpring 2017 in San Jose, US, concluded with its first ever panel discussion! “Our panelists will recap the key demos and help put the innovations on display into a broader context,” the conference organisers said.
The Middle East and Africa (MEA) is the payment cards region increasing the quickest across the globe, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021, the number of cards in issue in MEA increased by 13% to 611 million in 2015, making it the […]
Mastercard has officially completed the acquisition of VocaLink with the all clear from the UK’s Competition & Markets Authority (CMA) to buy 92.4% for $920 million. The CMA gave final approval for the proposed set of remedies that address the competition concerns it identified earlier this year. As Banking Technology reported at that time, CMA […]
Sure, convenience remains vital. But to reach digitally savvy consumers—including millennials—new entrants in the payments arena will need to think socially, and be ready to chat.
Myanmar’s First Private Bank (FPB) has chosen the Misys FusionBanking Essence core banking system for a major tech revamp. The bank, which received the first banking licence in Myanmar in 1992, will upgrade its retail, corporate and digital offerings. FusionBanking will replace the bank’s “partially computerised distributed branch system”. Dr Sein Maung, chairman at FPB, […]
U.S. EMV use has hit a milestone. Visa said that for the first time, the number of Visa chip card transactions topped 1 billion last month, a 330 percent increase from March 2016. The announcement comes as the payment network reported a 42 percent overall increase in processed transactions in its 2017 fiscal second quarter.
Russia-based Sovcombank hopes to attract more young people looking to get their first credit card by “gamifying” the credit application process. The project has been carried out with Entrepreneurial Finance Lab (EFL), which developed a new survey-based credit scoring model, and FICO, which handles marketing.
It’s official. The US Consumer Financial Protection Bureau (CFPB) is pushing back the effective date of its final rule on prepaid accounts until 1 April 2018 – six months after the originally scheduled implementation date of 1 October 2017.
Plastc, a US fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
