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.
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.
BBVA Bancomer, a fully owned subsidiary of BBVA, has acquired Mexico-based payments start-up Openpay to tap into its network of more than 15,000 payment reception points across the country. Openpay offers a platform for physical and electronic payments for businesses via its real-time Paynet network. According to BBVA, the start-up manages more than one million […]
Paybefore’s Pay Magazine Spring 2017 issue out now.
Swift has launched a proof of concept (PoC) to explore whether blockchain/distributed ledger technology (DLT) can be used by banks to improve the reconciliation of their nostro databases in real time. Under the current correspondent banking model, Swift says banks need to monitor the funds in their overseas accounts via debit and credit updates and […]
USAmeriBank (formerly Aliant Bank), a $3.8 billion bank operating in the US states of Alabama and Florida, is building a new payments hub for its domestic and international wire transfers.
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.
The latest fintech funding round-up featuring Token, Ongo, National Bank of Canada (NBC) and a bunch of venture capitalist firms.
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.
BBVA has announced the completion of “the first real-life implementation of an international money transfer using Ripple’s new distributed ledger technology (DLT)”. The transaction, which ran on BBVA infrastructures with real money, resulted in money moved between Spain and Mexio “in a matter of seconds”.
Hufsy, a Denmark-based fintech start-up focused on SMEs, is expanding into Germany. Its banking partner in Germany is SolarisBank.
The implementation of the updated Payment Services Directive (PSD2) will affect banking institutions of all sizes, opening up financial services and payments markets to new competitors and service providers. Download this free white paper to be ready!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
It’s official. The CFPB is pushing back the effective date of its final rule on prepaid accounts until April 1, 2018—six months after the originally scheduled implementation date of Oct. 1, 2017. What’s more, the agency has decided to “revisit at least two substantive issues” in the final rule: requirements for digital wallets that are capable of storing funds; and error resolution and liability limitations for prepaid accounts that cannot or have not yet been registered.
Hungry Facebook Messenger users can order a meal, do their grocery shopping or send a gift card for a sweet treat without leaving the messaging platform. Mastercard announced April 18 at the Facebook Developer Conference that it has launched Masterpass-enabled, artificial intelligence-powered chatbots with Subway, FreshDirect and The Cheesecake Factory.
Blackhawk Network has launched a gift card program with grocery chain Albertsons that promises to give shoppers more options for “spring and summer holidays” such as Mother’s Day and Father’s Day, Blackhawk said. The program focuses on category gift cards that run via the Visa payment network.
Mastercard has launched its latest biometric card, combining chip technology with fingerprints to verify the cardholder’s identity for in-store purchases. South Africa is the first market to test the evolved technology, with two separate trails recently concluded with Pick n Pay, a supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa. According to Mastercard, […]
QCash Financial, a provider of small-dollar lending technology for financial institutions, has become a member of the Center for Financial Services Innovation (CFSI)’s Financial Health Network.
Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
HelloPay Group, which runs the HelloPay payment platform and online shopping and selling site Lazada, has merged with China’s Ant Financial. Ant Financial, part of Jack Ma’s Alibaba Group, runs Alipay and so HelloPay has now been rebranded as Alipay Singapore, Alipay Malaysia, Alipay Indonesia and Alipay Philippines in its respective markets. Douglas Feagin, SVP […]
India-based software vendor Intellect Design Arena is to provide its Intellect Quantum Central Banking System (QCBS) to Central Bank of Armenia.
The recent performance of Zelle Network, the peer-to-peer (P2P) payments platform with the funny name, is no laughing matter for competing P2P providers.
China’s Ant Financial Services Group appears to have beat back a surprise challenge by Euronet Worldwide to acquire MoneyGram. After raising its offer for the money transfer giant by more than one-third, to $1.2 billion, Ant’s bid has earned the approval of MoneyGram’s board of directors. But the deal still must win regulatory and shareholder approval before Ant officially acquires MoneyGram and gains a massive foothold in the global remittance market.
The recent performance of Zelle Network, the P2P payments platform with the funny name, is no laughing matter for competing P2P providers. Early Warning Services, a provider of real-time payments, authentication and risk mitigation services, announced April 17 that its Zelle Network processed more than 170 million P2P payments in 2016, totaling $55 billion in transaction value.
Moving accounts to Simple’s parent bank’s API is not that simple.
Italy’s largest retail bank, Intesa Sanpaolo, and EBA Clearing have successfully completed their first user testing activities on financial technology provider Dovetail’s solution for EBA’s pan-European real-time payment platform.
Italy’s largest retail bank, Intesa Sanpaolo, and EBA Clearing have successfully completed their first user testing activities on Dovetail’s solution for EBA’s pan-European real-time payment platform. Among the institutions funding the new EBA infrastructure, Intesa Sanpaolo is the first one to connect to the test system. The new infrastructure will provide a real-time payment processing […]
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network. Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants […]
A year after diving into the campus card vertical with the $4.3 billion acquisition of Heartland Payment Systems, Atlanta-based technology provider Global Payments has unveiled its new TouchNet OneCard VIP service, which the company describes as a single point of access to campus life.
Google is banking on mobile apps to boost its mobile wallet. The Android Pay parent has linked that service to a handful of banking apps, giving consumers the ability add their cards more quickly to the mobile wallet.
Competition in the corporate meal voucher market in India is heating up as providers are launching alternatives to paper vouchers, which the Reserve Bank of India will no longer allow beyond 2017. Among them is online commerce platform Paytm and electronic payments provider Zeta.
State Bank of India (SBI) has centralised its trade finance operations across 25 countries on Misys’ Fusionbanking Trade Innovation platform. Misys’ partner in India, Encore Theme Technologies, assisted with the implementation.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
Al-Ahli Bank of Kuwait (ABK) has gone live with a new core banking system at its two branches in the UAE. The new platform is Finacle, supplied by Infosys’ product subsidiary EdgeVerve.
The UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) are calling for input on their approach to applying the second EU Payment Services Directive (PSD2). PSD2 is required to be in place in the UK by 13 January 2018, and the nation’s HM Treasury will transpose PSD2 into UK legislation in the Payment […]
Like an astute player of the Risk board game, Android Pay’s global expansion plans continue apace as it is working with several banks to let their customers add cards to its service from a mobile banking app. The latest banks include Bank of America, Bank of New Zealand, Discover, mBank and USAA. They follow on […]
As the payment method gains popularity, an expert explains why young consumers buying digital content, including games, and transit tickets with their phones will be keys for the future.
We all love food and drink, and mobile service WoraPay has got in-sync and integrated Masterpass, the digital payment service from Mastercard. WoraPay’s service allows customers to buy food and drink, and pay in advance with their mobile. This means customers can order their morning coffee or tea (or whisky if you have a crappy […]
