Top fintech stories this week – 2 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will “explore unconventional–even radical–ideas in financial technologies” with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue, Bancorp said.
Mastercard is employing artificial intelligence to improve the accuracy of real-time transaction approvals by minimizing false declines and fraud. Decision Intelligence, Mastercard’s decision and fraud detection service, is available across all markets for all Mastercard brands and products, according to the company’s Dec. 1 announcement.
Financial services providers that work with FIS will be able to ramp up their real-time payments capabilities quickly now that the company is integrating with Early Warning’s Zelle Network P2P service. Using FIS PayNet and the financial technology provider’s open payment framework, the P2P service will be offered as part of FIS’s other real-time payment services, such as digital e-gifting, bill payment and external transfers.
With India’s recent banning of high-denomination paper currency pushing the country’s traditionally cash-dependent economy further toward electronic payments, two new prepaid products have launched there to serve the needs of specific market segments.
Barclays Africa and Techstars are inviting start-ups to apply for the Barclays Accelerator programme – “an initiative aimed at uncovering the next M-Pesa or Paypal”.
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. […]
Australia and New Zealand-based banking group, ANZ, has launched its payments system for business customers, ANZ BladePay, alongside six point-of-sale (POS) vendors who are developing customised applications for the platform. Developed in partnership with payments tech company ThumbzUp, ANZ BladePay is a handheld Android-based payment device which is capable of integrating third party applications. ANZ […]
The European Payments Council (EPC) has unveiled its Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. European payment service providers (PSPs) now have one year to get ready to process the first SCT Inst transactions in November 2017. Javier Santamaría, chair of the EPC, says the launch is a “new era in […]
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.
Cachet Financial Solutions has upgraded its Pay Award-winning Select Mobile Money prepaid mobile platform with enhancements that enable program managers to design and launch branded apps more quickly, as well as provide cardholders with a new international money transfer service.
To improve the plight of refugees in Greece, Prepaid Financial Services (PFS) has partnered with Samaritan’s Purse, a Christian international relief organization, to launch a financial aid program in which funds are being disbursed via a Mastercard-branded prepaid card. U.K.-based payments technology provider PFS is issuing the cards.
Incentives that banks offer employees to increase sales can pose “significant” risks to consumers, the CFPB warned this week in a new bulletin following record fines assessed to Wells Fargo for opening millions of unauthorized consumer accounts.
Apple has scored a big win in Australia for the company’s mobile wallet. That country’s competition regulator has denied a request by big local banks to collectively negotiate over the introduction of Apple Pay there.
Payments Strategy Forum, the first industry-wide initiative of its kind in the UK, has unveiled a new strategy for the country’s payments industry. The Forum was created by the UK’s Payment Systems Regulator (PSR) in March 2015 and is tasked with planning the future of the payments sector. Last year, the current UK payment systems […]
ING is pulling a plug on its peer-to-peer (P2P) mobile payments app, Twyp, in the Netherlands due to the lack of customer uptake. However, the app will continue to function in Spain.
Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator, is likely to deny four domestic banks permission to jointly bargain with Apple over Apple Pay.
We’ve summed up the latest funding efforts and results in the fintech space – so you don’t have to! Featuring Billon Group, Stripe, figo and Finimize.
Holiday buying declined slightly over the Thanksgiving weekend, but more consumers were shopping, according to the National Retail Federation. The trade group estimates that some 154 million U.S. consumers shopped over the holiday weekend, up 1.9 percent from 151 million last year, but the average shopper spent about $289.19 this year, down about 3.6 percent from $299.60 in 2015.
San Francisco-based online and mobile payments technology provider Stripe was valued at $5 billion during its previous funding round in July 2015—meaning its valuation nearly doubled in less than a year and a half.
The European Banking Authority in January is set to release its online transaction rules in response to the revised Payment Services Directive, or PSD2, which calls for “strong customer authentication” for online payments. Visa also opposes the measure.
It’s the most wonderful time of the year for fraudsters, who are expected to ramp up global online fraud attempts by 12 percent over the upcoming holiday season compared with last year, according to new data from ACI Worldwide.
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 […]
India’s second largest bank, Bank of Baroda, is calling on fintech start-ups to solve the challenge of paying blue-collar workers.
The ATM is one of the most recognised and trusted pieces of technology on the high-street, but as it too has come under pressure from the wave of digitalisation sweeping almost every aspect of our everyday lives. The humble ATM is no longer a single physical touch point…
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Let’s put the fun in funding by keeping it mercifully brief. Money seekers are PayKey, Euklid and Flender.
Paysafe Group reportedly is pulling the plug on its Neteller and Skrill prepaid Mastercard cards in 100 countries on Friday. The move, which affects a product popular with online gamblers, apparently does not apply to North America or the 34 countries that are part of the Single European Payments Area.
The FDIC’s final rule establishing recordkeeping requirements for large financial institutions offers some relief for banks that hold prepaid accounts insured under pass-through coverage, but there’s still a lot of heavy lifting to be done for covered institutions.
Visa has modified and clarified debit network routing rules, following recent FAQ guidance issued from the Federal Reserve and to address a Federal Trade Commission inquiry.
The holiday season is upon us and many shoppers plan to give gift cards this season, according to a consumer trends survey by the National Retail Federation. What’s more, spending on gift cards this year is expected to outpace spending in 2015.
The Prepaid International Forum (PIF) has announced that Mastercard and Neopay have become benefactors of the 10-year-old prepaid financial services trade association.
It’s infographics time! A great compilation of fintech companies, showing how we’ve gone from graph paper to personal data algorithms – and everything in between.
German start-up Cookies crumbled, but Swedish payments provider Klarna has rumbled into action to take on its tech assets and employees. As Banking Technology reported this month, Cookies ended its short life as a peer-to-peer (P2P) payment app and applied for insolvency. At that time, Cookies co-founder Lamine Cheloufi said the other co-founder, Garry Krugljakow, […]
The economy of the future will need a vastly different platform for making payments. Consumers and corporations will need access to easier, faster and flexible platforms. I have entered the market with the bold objective of bringing to South Africa and Africa, the revolutions underway in global payments infrastructure – and the necessity of re-design to keep up with the “payments Joneses”.
The CFPB has filed a motion for a rehearing before the entire appellate court after a three-judge panel of the D.C. Circuit Court of Appeals sent shockwaves in October when it determined the structure of the bureau is unconstitutional because it’s led by a single director who can only be removed by the president for just cause.
A European plan for new online transaction authentications has come under fire from Visa, which says the proposal will make online checkout needlessly complicated for consumers.
Small business might want to accept payments via mobile wallets, but most of those merchants worry about the cost of upgrading their systems to do so, according to new survey from Samsung Electronics America.
Alibaba’s Alipay has taken the crown of the world’s most popular online payment method, accounting for 44 percent of global e-commerce spending and projected to grow to 60 percent by 2020, according to a new report from U.K.-based payments processor Worldpay.
Apple could be adding Siri’s functionality into its iMessage service for P2P payment transactions, according to a recent patent published by the US Patent and Trademark Office. The patent says that “one or more of the participant users can select to utilise a virtual assistant to assist the participant users with tasks during the communication […]