Angry TradeTech delegates clash over HFT

A session at Trade Tech in London fell into chaos earlier today, as furious delegates hurled accusations across the table and members of the audience sparred aggressively with panellists.

New York City Pilot Adds Mobile Payment to Parking Spots (April 16, 2013)

New York City is the latest to launch a mobile payment pilot for its municipal parking operations, enabling motorists to use smartphones to locate and pay for available parking spots on streets and city-operated parking lots. The pilot harnesses technology from Vancouver-based PaybyPhone, which provides mobile payment services for parking operations in 180 cities around […]

Global Contactless Transit Push Continues in London, Beijing (April 16, 2013)

The global move toward cashless payments for mass transit continued this week, with news out of two major world cities. London soon could be banning cash payments on its iconic buses, according to the BBC, while Beijing’s subway has debuted a new payment system that uses sound waves to enable ticket purchases via smartphone. In […]

NBPCA White Paper Calls for Cooperation to Address AML Concerns (April 16, 2013)

A proposed plan by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to check prepaid card balances at the U.S. border to combat money laundering will not significantly help solve illegal cross-border funds transfers, according to a new white paper issued by the Network Branded Prepaid Card Association (NBPCA). Instead, the NBPCA said, the agency […]

Kuwait Airways Launches Prepaid MasterCard for Frequent Fliers (April 16, 2013)

Kuwait Airways aims to increase customer loyalty with a new prepaid MasterCard that provides members of its frequent-flier Al Waha Club with rewards for every purchase using the card. The Baitok-Waha Club card, offered in collaboration with a local bank, Kuwait Finance House, enables cardholders to earn two free miles for every domestic purchase and […]

Fidessa plans ASEAN trading network

Trading technology company Fidessa has partnered with Asian brokers CIMB, DBS Vickers, Maybank Kim Eng, OCBC Securities, Philip Securities and UOB Kay Hian as part of a plan to create a one-stop trading service for all ASEAN markets.

Lawmakers Renew Push to Further Restrict Overdraft, Call for Prepaid Study (April 15, 2013)

Concerned about reports that suggest checking account overdraft fees are on the rise again despite regulatory efforts to curb them, a group of lawmakers led by U.S. Rep. Carolyn Maloney (D-N.Y.) recently re-introduced a bill to further restrict bank overdraft fees and launch an investigation into prepaid card overdraft protection programs. The Overdraft Protection Act […]

MasterCard Offers Free Service to Block Fraudulent EMV Transactions at ATMs (April 15, 2013)

Another concern about the U.S. migration to EMV was alleviated last week when MasterCard Worldwide announced a solution for ATM operators facing a liability shift this week for fraudulent transactions at ATMs from Maestro cards issued abroad. MasterCard alone has a global chip liability shift for non-U.S.-issued Maestro cards that goes into effect April 19, […]

UnionPay, Intel Team Up on Mobile Payments (April 15, 2013)

China may be one step closer to becoming the one of the largest NFC payments markets. Shanghai-based payment card network China UnionPay (CUP) has tapped tech giant Intel to provide mobile payment services. Under the collaboration, announced last week at the Intel Developer Forum in Beijing, CUP will use Intel’s identity protection technology for its […]

Vodafone, China Mobile Look to Bring M-PESA to Myanmar (April 15, 2013)

The M-Pesa mobile money transfer service could be coming to Myanmar, thanks to a joint bid by Vodafone and China Mobile. The companies are among 12 groups being considered by the Myanmar government for one of two licenses to operate a mobile network in the Southeast Asian nation, according to a report in the Financial […]

US banks Heritage and Central Valley adopt Fiserv tools

US banks Heritage Bank and Central Valley Bank have adopted an account processing tool called DNA from financial technology provider Fiserv. Parent company Heritage Financial says the platform’s flexibility will help the banks grow.

UBS names new group CIO

UBS has appointed Oliver Bussmann as group chief information officer, replacing Michele Trogni, who is retiring after 25 years at the bank, the last four of which she spend as head of group technology. Bussman will take up the post at the beginning of June.

Banks opt for hosted mobile services says Celent

As Banking 3.0 continues its inexorable rise, banks are increasingly turning to hosted mobile services developed with vendors – but there is still more work to be done before mobile banking becomes mainstream, according to a new report by analyst firm Celent.

The limits of the mobile revolution

Senior financial executives have clashed over the extent to which mobile payments technology has failed to reach its potential – and the best way to fix it.

Mobile opportunities for banks

The emergence of alternative payments providers such as PayPal and the growth of mobile payments systems such as M-Pesa should be seen as a major opportunity for banks, not a threat, according to Ron van Wezel, global head of emerging payment streams at Deutsche Bank.

MasterPass Digital Wallet Heads to Canada (April 11, 2013)

Canadian consumers will be the first in North America to be able to use MasterCard’s new MasterPass digital wallet, the company announced today. Unveiled in February at Barcelona’s Mobile World Congress, MasterPass offers users a cloud-based mobile solution for online shopping. Consumers can store up to 25 credit, debit or prepaid cards in the wallet—whether […]

Fiserv Launches Solution to Reduce ‘Improper’ Gov’t Payments (April 11, 2013)

Fiserv Inc. this week said it’s launching a new solution to help government agencies cut wasteful spending by improving payment accuracy. Fiserv’s new Payment Accuracy and Fraud Prevention Service, adapting the company’s private-sector fraud-mitigation tools for the public sector, is designed to help federal agencies identify incorrect, redundant and fraudulent payments across diverse channels, the […]

E-Wallets Drive NFC-Enabled SIM Card Shipments (April 11, 2013)

Global shipments of NFC-enabled SIM cards rose 87 percent in 2012 compared with the previous year, according to SIMalliance. The London-based nonprofit trade association, which supports the creation, deployment and management of secure mobile services and applications, this week released a report on 2012 SIM shipments based on data provided by its members, which represent […]

Blog: Tipping Point for M-Payments Hidden in SMS App and Obscure Pizza Promo (April 2013)

By Joseph DeSetto, Emerging Payments Blogger It wasn’t long ago that mobile payments apps for the current generation of smartphones were difficult and time consuming for even experienced programmers to create. Much like the early days of e-commerce, standard ways of protecting user data, providing a consistent interface and user experience that would be trusted, […]

Print is not dead – it’s just turned baaaad

As a rule of thumb, the fastest adopters of new technology are pornographers and criminals (two sets that often overlap). So it should come as no surprise that the latest thing to worry security specialists is 3-D printing. You’ll have seen the stories in the papers about how you can create real working guns with […]

IPS 2013: SEPA benefits hard to see for corporates

As the February 2014 deadline for implementation of Single Euro Payment Area compatible instruments approaches, focus is moving from banks to corporates – and the increasingly clear picture is that few European corporates see any great benefit from adopting the standards involved.

Beyond a joke

A journalist, a politician and a banker walk into a bar … sounds like the beginning of a joke, doesn’t it? Feel free to submit a punchline: personally, I’m starting to think that it would be a very sour joke. With banker-bashing now an established national pastime, the press having spectacularly fouled their own nest […]

Kalixa Group unveils “disruptive” payments tools

Payments company Kalixa Group has launched a set of tools including an mPOS, e-wallet and acceptance kit, which it says will disrupt the global payments market in Europe, the Americas, Asia Pacific and the Middle East.

State banking: reforming the UK infrastructure

At the beginning of March, George Osborne travelled to the English seaside town of Bournemouth to make a speech at the JP Morgan operations centre there. It wasn’t Henry V’s St Crispin’s Day speech, but it may well go down as a watershed moment in the history of the UK financial services sector. Osborne is […]

Dealing with Generation Y

Banks should pay attention to the needs of a new generation of consumers if they want to secure their business lines for the future, according to Mark Hale, head of payments at KPMG.

Mobile will kill the traditional bank branch says Brett King

Disruptive digital technologies such as mobile and the internet will destroy the established retail banking business models by removing the physical product and replacing it with a digitised bank account, according to Brett King, speaking at the IPS show in London today. “In the old days there was a physical product, and a physical store,” […]

Corporate treasurers demand bank attention

Banks are not good at communicating industry change to their corporate clients, according to a panel of senior industry representatives speaking at the IPS conference in London today.

Competition regulation will stifle payments innovation

Proposed policies intended to promote competion in payments could stifle innovation and standardisation in the payments and transaction banking sectors, according to a partner in a leading law firm. Dermot Turing, partner in the international financial institutions and markets group at Clifford Chance, told delegates at the International Payments Summit in London that moves by […]

State banking

Banking is too important to be left to banks – can governments do any better Also in this issue: Profile: Grand designs – Arun Jain, founder of Polaris Financial Technologies Same day, same settlement: same day payments are being adopted worldwide. What does that mean for D+1 settlement in Europe? Riding the OTC rollercoaster: new […]

Card Forum: Discover/PayPal Rollout to Begin April 19 (April 9, 2013)

PayPal and Discover will begin the rollout of PayPal as a payment option at the point of sale, starting April 19, Don Kingsborough, PayPal’s global vice president and general manager of retail and prepaid, said yesterday. Speaking at Card Forum in Boca Raton, Fla., Kingsborough shared the stage with Discover’s Joe Hurley, senior vice president, […]

Card Forum: Put Your Durbin FAQ Plan in Writing (April 9, 2013)

Card Forum kicked off its 25th annual conference in Boca Raton yesterday with “Prepaid Day” and not surprisingly, the Fed’s FAQs on Reg. II came up during a session on regulation. The guidance, which came out two weeks before the April 1 compliance deadline for network routing rules, appears to require PINs to be issued […]