Fire Financial Services – now trading as Fire – has launched and is targeting the UK and Irish markets with a digital account. Colm Lyon, founder and CEO at Fire, says: “It has taken some time for us to reach this day – several years of trying and getting it wrong.” Now the business has […]
Turkey’s banking group, Ziraat, is to modernise core banking software at its London branch, Banking Technology understands. The new solution will be supplied by Misys.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
SIX Payment Services brings to market PayLife 0100, Austria’s first mobile credit card.
The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
Mastercard saw faster growth than Visa in the Americas in 2015 but, with 43%, Visa still has significantly the largest market share, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021 study, the number of Mastercard cards grew by 6% in the Americas in 2015, […]
Qatar International Islamic Bank (QIIB), a long-standing customer of Misys, is implementing the new version of the vendor’s core system for Islamic banks, FusionBanking Essence Islamic, front-to-back office.
Your organisation’s satisfaction with its virtual card provider is the single most important factor determining the return you will receive on your investment. So when you choose a supplier, set your expectations high.
London-based Persia International Bank, a joint venture of two Iranian financial services groups, Bank Mellat and Bank Tejarat, is undergoing a tech revamp.
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
Smooth Commerce and Visa have completed the first integration of Visa’s Developer Programme in Canada and brought to market “a first of its kind innovation” in the mobile commerce space.
According to the UK Cards Association, a trade body for the country’s card payments industry, a quarter of all card transactions are now made via contactless in the UK. 325 million purchases, altogether worth £2.9 billion, were made using contactless debit and credit cards in November 2016.
Credit card surcharges came before the US Supreme Court on 10 January in a case that concerns how much freedom retailers have in telling consumers they are being charged extra for the payment method. Comments from justices suggested that the Supreme Court might send the case back to New York for further review, though it […]
FinTech Hive, to be housed at the Dubai International Financial Centre (DIFC) in Dubai’s Central Business District (CBD), is set to launch this quarter. Accenture runs fintech innovation labs in New York, London, and Hong Kong; and has been tasked with setting up and operating the accelerator. Aimed at providing better financial services technology to […]
Honda and Visa are testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars, the latest development in the emerging Internet of Things (IoT), and yet another sign that more payments are moving beyond physical payment cards, reports Paybefore. The announcement, made from the Consumer Electronics Show in […]
A major payments battle has come to an end: Walmart Canada and Visa said they have reached a deal that enables consumers to use Visa-branded payment cards at retail locations in that country, reports Paybefore. The companies did not disclose terms of the deal, which stems from a disagreement in 2016 involving interchange. Walmart said […]
The Shanghai Prepaid Card Association is warning consumers about buying prepaid cards from certain merchants because of “malpractice in managing their prepaid card schemes”, reports Paybefore. According to an announcement on Shanghai’s municipal Website, the notice includes a blacklist of 20 companies in Shanghai for committing various infractions. The association is urging consumers to quickly […]
Prepaid cards accounted for 9.9 billion transactions and $270 billion in spending volume in the US in 2015 – an increase of $600 million since 2012 – but according to a study from the US Federal Reserve, prepaid growth is slowing as the products become more mainstream, reports Paybefore (Banking Technology‘s sister company). Based on survey […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.
The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns.
SIX Payment Services says it has completed the enterprise-wide upgrade of payment terminals of Swiss Post four months ahead of schedule. The new “smart” payment terminals – Ingenico’s iSC250 – are “particularly good” and “among the most innovative ones on the market”, SIX says.
It felt like there was a blockchain story every day in 2016, but we look back at some of the bigger stories with Banking Technology’s top ten! Microsoft and AMIS launch Asia’s first blockchain consortium Microsoft says it is also in “collaboration” with banks such as Ubon Financial, Cathay Financial Holdings and MegaBank to further […]
Look back at some of the major fintech events in 2016, with Banking Technology’s top ten! Sibos 2016: markets still in “Dante’s circles of hell” It’s the big one. And this is just one snippet from our extensive coverage of Sibos in Geneva. We also produced videos, published Daily News at Sibos, had fun with […]
From a technology perspective, the family home has decided to rush headlong into the 21st century. When our home was built we thought we were being extremely progressive in having a Panasonic “4 lines, 10 extensions, PBX” installed with separate lines for my wife and myself and then a line for business and yes, one dedicated line for the fax machine. Cool… but fast forward a decade and a half and with the home up for sale, we were politely advised to take out all those handsets and close the door on the PBX.
Credit card firm MBNA is to be taken over by Lloyds. The firm’s current owner, Bank of America, has agreed to sell it for £1.9 billion. The deal is expected to close in H1 2017.
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
Mastercard has teamed with Verifone to roll out a new instalment pay application at retailers across the UK. Called Mastercard Instalments, it is designed for shopping online or in-store, and cardholders can choose their instalment option upon checking out. For example, when purchasing a new TV or flight, customers could repay it in fixed instalments. […]
Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.
Eftpos Australia, the nation’s most widely used debit card payments system, says users will be able to tap and pay via Eftpos with their smartphones next year. Paul Jennings, CTO of Eftpos Australia, says it is “now working with several members [banks] and successfully testing the token service in order to launch Eftpos as a […]
Barclays is launching the UK’s “first” contactless mobile cash service. Customers can withdraw up to £100 in-branch, with a tap of their Android smartphone or contactless debit card. Ashok Vaswani, CEO of Barclays UK, says its customers “now expect to be able to use their smartphone to make their everyday purchases” and “we want taking […]
Android Pay is now live in Poland – the first country on continental Europe to launch the service.
Italy’s ICCREA Banca has gone public on its project to modernise its trading business ops with Misys. Misys is providing its FusionCapital Kondor and Summit treasury and capital markets (TCM) solutions to the bank. The Summit system has been running at ICCREA for over a decade. Kondor was selected by the bank in 2013, Banking […]
UK-based payments vendor Monitise has launched its Finkit partner programme with founding partner MasterCard to speed up collaboration in banking and payments. For the “first time”, the founding partners – which also include BehavioSec, Currencycloud, Envestnet | Yodlee, Experian, Fastacash, FICO, HID, iGeolise, LivePerson, Mypinpad, Syniverse and WorldFirst – have agreed to make their capabilities […]
UK-based banking services challenger Ffrees Fiamily Finance has launched a new “digital agency banking solution” – U Account. The account is supported by Wirecard, Global Processing Services (GPS) and payments software vendor Bottomline Technologies.
Soldo, a London-based fintech start-up, is launching its flagship multi-user spending account. Soldo is not a bank, but a prepaid MasterCard. It holds an e-money licence from the UK’s regulator, FCA.
The global prepaid card base will increase to 921 million in 2021, up 46 percent from 624 million as of Dec. 31, 2015, according to a new forecast from U.K.-based Retail Banking Research, or RBR. Despite the prepaid surge, debit will continue its dominance of the overall cards market. RBR’s “Global Payment Cards Data and Forecasts to 2021,” which does not cover closed-looped prepaid cards, found that debit cards in 2021 will account for 72 percent of all payment cards worldwide, up from 70 percent in 2015.
MasterCard has unveiled its own blockchain as it reacts to arch-rival Visa’s partnership with Chain and seeks to use the technology in payments and trade finance. Its version is currently at the testing stage and offers the usual things in this corner of the fintech world. These include smart contracts – scriptable transactions that automate […]
