BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has completed its mobilisation process and is preparing for a launch in early 2018. As reported last year, BFC received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). After an initial “soft launch” for selected companies (such as SMEs […]
Deutsche Bank has launched the “first” paperless import payment solution in India with its TradePay system. TradePay uses the Reserve Bank of India’s (RBI) Import Data Processing and Monitoring System (IDPMS) to verify import payments by checking them against details made available by the client on the system, “eliminating the need for clients to share […]
Volante Technologies has made its entire range of VolPay payments processing products available on Micosoft’s Azure cloud platform.
The Bill & Melinda Gates Foundation has launched a new service created with in partnership with Dwolla, along with collaboration with Ripple, Crosslake Technologies, ModusBox, and Software Group.
Obsidian, a Colorado-based organisation that encourages consumers to shop local in their home community, has selected Arroweye Solutions for its Local First Card programme.
The European Central Bank’s (ECB’s) governing council will decide by the end of this year whether to greenlight a new real-time gross settlement (RTGS) system to replace the decade-old Target2 platform.
Read our second Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
With myriad domestic instant and real-time payments systems being deployed internationally, is the next logical step cross-border, real-time payments? We asked some Sibos delegates what they think.
We live in impatient times – everyone wants to be able to pay who they want when they want, instantly and regardless of location. The UK has had instant payments since 2008; Faster Payments volumes have exceeded all predictions and now exceed 135 million per month.
EastNets has launched its en.SafeWatch PaymentGuard (en.SWPG) at Sibos, a real-time fraud detection solution for Swift payments. The company says en.SWPG is a new artificial intelligence (AI)-powered solution, that can sort out “genuine transactions from suspicious ones and reduces the number of false positives”. Hazem Mulhim, CEO, EastNets, says it “recognises the mounting salience of […]
Escalating customer expectations, regulatory requirements and technological developments are fuelling the need for instant payments. Market providers agree that real-time payments will be the “new normal” and, it’s not a matter of if, it’s a matter of when.
The disruptive threats that banks face today are well documented: fintechs, decentralised cryptocurrencies, distributed ledger technology and now the tech giants like Amazon, Facebook and Apple, to name a few. These players are all now placing themselves between retail banks and their customers, meaning that banks are not just competing with other banks anymore.
FIS and Citi Treasury and Trade Solutions are working together to enable real-time payments and cash management for their corporate treasury customers. Using the CitiConnect application programming interfaces (APIs), FIS has connected its Trax corporate payments factory to the suite of Citi Treasury and Trade Solutions – enabling integration with Citi’s core treasury management functionality, […]
UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform, powered by SAP HANA.
IBM has teamed with Toronto-based firm Dream Payments – bringing its cloud and security capabilities to help the firm offer mobile point of sale solutions and business-to-business (B2B) payments.
As part of its global payments innovation initiative, Swift and a group of banks have been trialling distributed ledger technology (DLT) in the reconciliation of nostro databases in real-time.
Instant payments are set to be one of this year’s hot topics at Sibos. Last week, Swift and EBA Clearing announced that users of EBA’s instant payments system, RT1, will be able to access the platform via SwiftNet Instant, Swift’s instant payments messaging solution, from November 2018. Elsewhere, Australian consumers have been told they will be able to make instant payments from January next year.
Read our first Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
IBM, KlickEx Group, a regional financial services company, and Stellar, a non-profit organisation that supports an open source blockchain network, have unveiled a new regional cross-border payments solution using IBM’s blockchain technology to provide clearing and settlement of trades on a single network in real time.
Ohio-based Sutton Bank says it has “married old-fashioned wisdom with cutting-edge fintech” for US businesses and their employees. The resulting product is particularly relevant in today’s “gig economy”.
Ahead of Money2020 and the busiest shopping season of the year, Paybefore spoke with Blackhawk Network’s Chief Marketing Officer, Teri Llach, about connecting with consumers in every channel.
How do you try and become one of the biggest and most influential technology companies in the world? Just move the $15 billion you have stashed away into the R&D business.
The CEO of Samsung Electronics – Oh-Hyun Kwon – has thrown in the towel, citing an “unprecedented crisis” at the company as his reason, reports Telecoms.com (Banking Technology’s sister publication). The specifics of that crisis were not revealed in “an emotional letter” (according to the Samsung press release) sent to all employees by Kwon, who […]
With a large chunk of the global workforce migrating to foreign countries in search of lucrative career opportunities or better living, the World Bank estimates that migrants will send up to $636 billion home in 2017, with three-quarters of that being remitted to developing countries. In 2015, $440 billion in remittances was sent back to […]
In a round led by Nyca, CommerzVentures, and CEFIF, augmented digital commerce platform Omnyway has raised $12.75 million in new funding, reports David Penn at Finovate (Banking Technology‘s sister company). The Series A will give Omnyway (formerly Omnypay) the ability to launch new services, expand operations, and add to its customer base both in the […]
Seattle-based consumer bill pay service Doxo now has more than 30,000 billers on its platform, allowing users the ability to pay even more companies from a single website, reports Julie Muhn at Finovate (Banking Technology’s sister company). This achievement also gives Doxo a new status – the company now has more billers on its platform […]
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition.
US mobile chip giant Qualcomm has been the recipient of yet another fine for claimed anti-competitive business practices, reports Telecoms.com (Banking Technology‘s sister publication). This time it’s Taiwan, where its Fair Trade Commission (TFTC) has concluded that Qualcomm abused its dominant position in the mobile chip market for at least seven years by refusing to […]
Whether it’s prepaid card time or financial crime, the world of blockchain and Bitcoin is a lively one. This latest round-up features BitFlyer, Visa, Accuity, R3 and SIA. Tokyo-based Bitcoin exchange BitFlyer has unveiled a Visa prepaid card that can be charged with Bitcoin in yen and used throughout Japan. It can be charged via […]
Earthport, a cross-border payments service provider, has been appointed by Swiss Euro Clearing Bank (SECB), a clearing hub for Swiss banks, to provide Swift processing services.
Instant payments and real-time authentication checks are coming to business clients of Nordic software provider Emric – courtesy of a new partnership with Trustly.
NCR Corporation has signed a five-year deal with UK’s TSB Bank to look after the bank’s 900+ ATMs and IDMs as well as provide service desk support for its employees across its branch network.
More than 5,000 ATMs of Wells Fargo (40% of its ATM network) now have near-field communication (NFC) enabled mobile wallet capability – i.e. the bank’s debit card customers can now “tap and pay”.
It is true, but might be a bit mean to single out the iLeader, as researchers have put various artificial intelligence (AI) programmes to the test, figuring out what the IQ of each one is.
Business payments network Bill.com has updated the news regarding the $100 million in funding it landed last month. The round was lead by JP Morgan Chase and Temasek.
Obsidian, a Colorado-based organisation that encourages consumers to shop local in their home community, has selected Arroweye Solutions for its Local First Card programme.
Payment services are all the rage this week, here’s a rundown with this week’s round-up. Featuring Paynear, GoSwiff, BBVA, Omnia Pay and Huawei.
Payments services provider has introduced Centre, an open source project built on blockchain and designed to connect multiple digital wallets to process money transactions.
Mastercard has partnered with the Andhra Pradesh government in India to bring its digital payments into the Fintech Valley Vizag’s smart city plan. Under the agreement, Mastercard will help Andhra Pradesh in its ambitions to be a cashless society and develop the city concept. Mastercard president and CEO Ajay Banga says it can do this […]
Users of EBA Clearing’s instant payment system, RT1, will be able to access the platform via Swift’s SwiftNet Instant solution from November 2018. According to Swift, its solution will address all RT1 customer requirements, including instant messaging, file transfers and a browse solution. Erwin Kulk, head of service development and management, EBA Clearing, says: “RT1 […]
