Conference overview: “literally everything” from FinovateSpring 2017
Wished you were at FinovateSpring in San Jose but missed it? No worries – we’ve got it covered. A comprehensive overview of the two-day conference – session by session.
Payments
The Bancorp Sells European Prepaid Operations
The Bancorp Inc. has closed the sale of its European prepaid properties to Neptune International Ltd. The news comes amid a strong quarter for the financial holding company, which reported a net income of $8 million for the first quarter of 2017, compared with a $10.9 million net loss for the same period last year.
Top fintech stories this week – 5 May 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banks banking on APIs for payments and beyond
Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows. Paybefore (Banking Technology‘s sister publication) reports that an Aite Group study canvassed product and digital channel managers at Asia-Pacific, European and North American banks, and found that those […]
Time Running Out for CRA Rollback of Final Prepaid Rule
The clock is winding down for Congressional lawmakers to repeal the CFPB’s final prepaid accounts rule under the Congressional Review Act (CRA). Under that law, Congress has until May 9—60 legislative days after the law was published in the Federal Register—to repeal the prepaid rule by simple majority vote in the Senate. But with lawmakers currently in the midst of negotiations over a revised health care bill and Democratic opposition to the rollback likely to be strong, proponents of a repeal could run out of time.
PayNearMe Expands Bill-Pay Service with CVS Deal
With 27 percent of U.S. households unbanked or underbanked, according to the most recent FDIC report on the subject, PayNearMe continues in its efforts to make it easier for such consumers, as well as those who prefer not to use plastic or checks, to pay bills using cash.
Results Are In for Top Payments Consultants
In spirited voting, the payments industry has chosen the top five consultants who help their businesses thrive by providing perspective, research and strategic planning. Surprisingly, write-in candidates played a key role in shaping the top five list—one of them received nearly 6,500 votes.
Payments: correspondent banking faces its future
In an increasingly globalised economy, payments have struggled to keep up and pressure is mounting on the traditional correspondent banking model.
N.Y. DOL Fires Back at Industrial Board of Appeals, Global Cash Card
The New York Department of Labor has fired the latest salvo in the battle over the use of payroll cards in the state. The agency has filed an appeal that could jeopardize the outcome of a petition granted to Global Cash Card to revoke the N.Y. DOL payroll card regulations, which were due to go into effect March 7, 2017. At stake are rules that are considered so burdensome by the prepaid industry that—if restored—could force some payroll card providers out of New York.
Banks Banking on APIs for Payments and Beyond
Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows.
Chipotle Investigates Breach
Chipotle has suffered a breach of its payment card processing system, and is reportedly analyzing transactions that took place between March 24 and April 18 for more evidence of the intrusion.
Singapore Test Tackles Paper with Digital Bank Account Opening
Singapore is testing an initiative enabling consumers to apply for a bank account without needing to submit supporting documentation.
Apple Pay ready to go for HSBC Australia
With the battle of the four banks won, Apple Pay’s fight to retain its Australian smartphone market continues as HSBC Australia is now offering support for its customers for the first time. Back in March, Apple Pay emerged victorious in its long-running feud with four domestic banks over their permission to collectively bargain with Apple […]
Blockchain and Bitcoin round-up: 3 May 2017
No need to pace yourself. Here’s a quick blockchain and Bitcoin round-up. Featuring Infosys Finacle, Commercial Bank of Qatar, Adel and Blockpool. Infosys Finacle and the Commercial Bank of Qatar have completed a pilot on the “first ever” cloud-based blockchain network to process international remittances. The bank, along with its subsidiary Alternatifbank (ABank) in Turkey, […]
US payroll cards not lively enough for customers’ lives
The US payroll card industry received high marks for its standards and its ability to “stretch beyond the basics” but got an average mark for its ability to provide additional services that “improve customers’ lives,” reports Paybefore (Banking Technology‘s sister publication). According to the first-ever “Payroll Industry Scorecard” from the Center for Financial Services Innovation […]
Innotribe unveils ten start-ups for Africa challenge
Innotribe, Swift’s innovation arm, has named the ten firms who will compete in its Start-up Challenge Africa. The start-ups will pitch their products in Abidjan, Ivory Coast, on 17 May 2017 during Swift’s African Regional Conference. Innotribe evaluated close to 100 applications received for the third edition of the Startup Challenge in Africa. The applications […]
Payroll Cards Earn Top Grades from CFSI—Except in One Area
The payroll card industry received high marks for its standards and its ability to “stretch beyond the basics,” according to a new report from the Center for Financial Services Innovation. But CFSI’s first-ever “Payroll Industry Scorecard” gave the industry an average mark for its ability to provide additional services that “improve customers’ lives.”
FLEETCOR Grows Cross-Border Business with $675 Million Cambridge Buy
Less than two months after announcing a major joint venture in the gifting vertical, FLEETCOR Technologies has made a big move into the red-hot cross-border payments sector, reaching an agreement to acquire international B2B payments specialist Cambridge Global Payments for $675 million.
Mastercard’s $920m acquisition of VocaLink officially closes
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 […]
Prepaid Vets’ New Gifting Play Targets Underserved Merchants
With retailers of all sizes seeking to harness the power of omnichannel gift cards to drive revenue and engage customers, a pair of prepaid industry veterans have formed a new company aimed at helping midsize merchants expand gift cards sales. Dubbed nthCard, the company is the brainchild of Wayne Chatham—a serial prepaid entrepreneur who most recently served as CEO of Card Compliant—and fellow industry veteran John Bechard.
Bill Targeting Dodd-Frank, CFPB Passes First Hurdle in the House
Legislation that would overhaul the CFPB and end taxpayer-funded bailouts of large financial institutions, among other mandates, moved one step closer to law May 4.
BIM, Peru’s first mobile money wallet: lessons learnt
Peruvian mobile wallet BIM, described as “the world’s first fully-interoperable national mobile money platform”, will launch new services in H2 2017. It will enable customers to pay electricity, water and telephone bills, as well as have access to micro savings and loans, and micro-insurance.
Payments keep pushing Fiserv revenue growth
The power of payments keeps on driving revenue growth upwards for Fiserv – with some healthy Q1 2017 results. GAAP revenue for the company increased 5% in the first quarter to $1.39 billion, driven by 6% growth in its payments segment and 4% growth in its financial segment, compared to the first quarter of 2016. […]
Payments start-ups PayKey and Blue Code win Temenos innovation final
Israeli payments start-up PayKey was voted as Temenos’ Innovation Jam winner by the attendees of the 2017 Temenos Community Forum in Lisbon. Another payments start-up, Austria-based Blue Code, was crowned the winner of the Judges Awards (the judges panel consisted of three Temenos’ senior execs, two representatives from banks and a consultancy). The prize is […]
Samsung Pay lands in four more nations
Samsung Pay is expanding to four more countries – with official launches in Sweden and the United Arab Emirates (UAE), and it enters early access in Hong Kong and Switzerland. The launches in the UAE and Sweden are Samsung Pay’s first markets in the Middle East and the Nordics. Last month, Nordea launched the beta […]
Temenos MarketPlace gets boost with new services and leadership
Temenos has launched open banking and Payment Services Directive (PSD2) targeted services on its MarketPlace. The aim, says the vendor, is “to facilitate the exchange of value between banks and fintech companies”. MarketPlace is “customer driven”, says Ben Robinson, group chief strategy director of Temenos – i.e. the vendor proactively seeks out solutions that customers […]
Trio tussle to win Payments Canada’s tech revamp contract
CGI, SIA and VocaLink are fighting it out to win the contract for Payments Canada’s new core clearing and settlement system. Payments Canada has invited the three suppliers to participate in a competitive procurement process for the country’s new system, called Lynx. Jan Pilbauer, executive director of modernisation and CIO at Payments Canada, says this […]
Money Transfer Goes Social: What the Facebook Land Grab Means
With MoneyGram and Western Union betting that Facebook-loving consumers will use “sendbots,” the old guard of remittance providers may have an edge on startups.
How to Grow Prepaid through Financial Well-Being
Prepaid providers are at a crossroads: They can create products that carry relative high fees, or craft consumer-friendly programs that promote financial health. Here’s a case for doing the latter.
One hand clapping for TSB’s new mobile app
TSB has begun to roll out its new mobile banking app – the first service built by its new Proteo IT platform. It says the app has been built from scratch – with a new user interface. Features include access through fingerprint and one-hand navigation for the most-used transactions. It is available for both AndroidTM […]
‘Mythbusting’ Payroll Cards
To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.
How Fintech Startups Are Transforming Retail Banking and Finance
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.
Ripple’s blockchain network going places with ten new faces
Ten more financial institutions have jumped onboard Ripple’s blockchain network for cross-border payments. The new faces are MUFG, BBVA, SEB, Akbank, Axis Bank, YES Bank, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com – representing a mix of banks and payment service providers (PSPs). “The world’s largest banks have been the first […]
Paybefore Reveals 2017 Pay Awards Winners
Paybefore announced the winners for the 2017 Pay Awards—the most prestigious recognition of excellence in the global prepaid and payments technology industry. Our expert judging panels have made their decisions. Now you can weigh in and help your favorites win the coveted Best-in-Category designation and a spot in the Pay Magazine – Awards Issue.
Starling Bank taps Pay by Bank app for mobile boost
Teaming is pleasing to Starling Bank as it reveals another partnership with the use of VocaLink’s Pay by Bank mobile payment app for its customers. This development follows quickly on from the challenger bank cosying up with Moneybox to give its customers access to a suite of saving and investing tools. In fact, it was […]
Myanmar’s First Private Bank in tech revamp with Misys
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, […]
Swift Business Forum London 2017: Thrive or survive for UK financial services?
Despite the drama of Brexit the UK finserv industry has the “critical mass” to stay in its pole position – was one view from the Swift Business Forum London 2017. At Tobacco Dock in the East End of London, blockchain didn’t dominate like last year, but the spectre of the UK’s divorce from Europe did. […]
i2c and Bento team to offer SMEs more spending control via prepaid card
i2c Inc. has joined forces with expense management specialist Bento for Business to launch a new prepaid card designed to give small business owners and their employees a better way to manage spending and expenses. Powered by i2c’s Agile Processing payments platform, the Mastercard-branded Bento employee expense card features integrated alerts, card-level restrictions and digital dashboards to enable companies to track and control employee spending in real-time, the companies said.
Spring Edition of Pay Magazine Has Sprung
The digital edition of the spring 2017 issue of Pay Magazine is now available and it’s full of insights and information to help move your company forward. A theme of the spring issue is game-changing technology—and the innovators, products and companies behind it. This edition of Pay Magazine includes an interview with The Bancorp’s Jeremy Kuiper, who discusses some of the major shifts occurring in the industry.
Executive profile: one on one with Joan Herman, Sunrise Banks
She witnessed the rise of electronic transactions and worked on the first shared ATM network card. Now this self-proclaimed pioneer woman has her sights set on prepaid and a mobile future.
