Computer Maker Acer Reports Online Data Breach
Hackers have apparently hit the online store operated by Taiwan-based computer maker Acer, potentially making off with customers’ card numbers, expiration dates and security codes.
PayTech
Welch State Bank in tech modernisation with Fiserv
Welch State Bank, a small bank in Oklahoma with assets of $227 million, is implementing a range of Fiserv’s solutions. These include the Precision core processing platform; Source Capture Solutions for image capture; and Director for enterprise content management. The bank will also use Fiserv’s electronic fund transfer and card services. According to Fiserv, Welch […]
Seamless and Secure: Navigating the Future of Commerce
Two large-scale trends are coming to a head with merchants at the crux: the digitization of payments and increasing card-not-present fraud. Merchants need the right tools, including data analytics and fraud-prevention systems, to help them meet customer demand for a frictionless experience, while keeping fraudsters at bay.
Visa Inc completes acquisition of Visa Europe, appoints new board member
Visa Inc and Visa Europe are united again. The combined company provides digital payment products, services and processing to about 17,100 financial institution clients and partners, 40+ million merchant outlets, and three billion Visa accounts worldwide. The company says its branded cards and payment products amount to approximately $6.8 trillion in global payments volume annually. […]
Nominate Your Favorite Payments Tech Guru
You weighed in on Women Driving Payments Change, Top 10 Payments Lawyers and the Smartest People in Payments. Now we want to know which chief technology officers deserve the title of Top Payments Tech Guru. Enter your picks by July 1. We’ll tally the top vote-getters and have final voting from the short list next month. The Top Payments Tech Gurus will be featured in our Spring issue of Pay Magazine.
Infographics: the Euro 2016 guide to e-commerce – England vs Slovakia
Today, 20 June, sees the England-Slovakia game of the 2016 UEFA European Championship in France. In the spirit of that football tournament, PPRO has created an e-commerce guide to these two countries. Click here to see all the countries: Euro 2016
Okla. Delays Hwy Patrol Plan to Use Card Readers; FinCEN May Have other Ideas
Oklahoma Governor Mary Fallin says state law enforcement will delay using devices that read the magnetic stripes on payment cards, following outcries from lawmakers and consumer groups about privacy and legal concerns. But mention of a supplemental proposed rulemaking suggests FinCEN may be looking to revisit card readers at the border.
InComm: Nearly 70 Percent of Vacationers Use Prepaid Cards for Convenience
As consumers pack up their cars or board their planes for summer getaways, prepaid cards will be just as important as sunblock or a comfortable pair of walking shoes. Many travelers plan to bring prepaid cards because of convenience, security and budgeting, according to an InComm consumer survey.
CFSI Awards Fledging Fintech Firms at its Emerge Conference
Nine fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation, or CFSI. At least week’s Emerge Conference in New Orleans, CFSI announced the FinLab winners from more than 300 applicants.
Class Action Takes Aim at CPI
CPI Card Group has been targeted in a new class action lawsuit over claims the card manufacturing and fulfillment specialist failed to disclose important information to shareholders in the run-up to its IPO last year.
SCT Inst scheme: instant payments Europe-wide – have your say!
Flexibility and transparency are key to the first pan-European instant payments scheme, states Javier Santamaria, chairman of the European Payments Council (EPC). Currently, instant payments in Europe operate only within the borders of individual countries or among customers of the same payment service providers (PSPs). To move away from this fragmentation, the EPC was invited […]
Emerge: Google Defends Ban on Payday Loan Ads
Nope, it’s not censorship, nor restraint of trade. Rather, Google’s recently announced ban on online payday loan ads shows that the search engine giant wants to do good by consumers. That’s what Vijay Padmanabhan, a policy adviser at Google, said this week in New Orleans at the Emerge: Consumer Health Financial Forum.
Top 10 Viewpoints of 2016
From the future of prepaid and which mobile wallets stand to win to regulatory uncertainty and the best route to market in Europe, view our most popular opinion pieces from 2016, so far.
Wells Fargo invests in Alpha Payments Cloud
Alpha Payments Cloud, a provider of the AlphaHub Payments-as-a-Service platform, has received investment from Wells Fargo. Through its Startup Accelerator programme, for the next six months Wells Fargo will collaborate with Alpha Payments Cloud on its global payments network technologies for merchants. The company says its valuation now stands at $100 million. Wells Fargo’s Startup […]
Viewpoint: Barriers to Consumer Mobile Financial Services Adoption
The latest Fed consumer research reveals why many consumers are still on the sidelines when it comes to adopting mobile financial services. Surprise: They’re scared.
Viewpoint: How Apple Pay Could Impact the Future of Retail
While industry observers think Apple Pay adoption hasn’t yet hit a critical mass, the mass it has hit (with 1 million more users added each week) makes it a substantial alternative to the use of contactless payment cards. But more importantly, it’s what’s still to come from Apple that retailers (and others vying for mobile wallet share) can’t afford to ignore.
Viewpoint: How IoT Connects Financial Services to Everyday Life
Tapping into the IoT trend requires financial services providers to consider the use case for each device and make sure the information and capabilities are relevant. Irrelevant information will at best be ignored and at worst lead consumers to disengage.
Viewpoint: Don’t Fear the Breacher
What it comes down to is that there’s no reason for merchants or financial institutions to live in constant fear of data breaches when there are solutions that will identify and prevent fraud attempts while also protecting the customer experience.
Indopay and ACI Worldwide team up for international e-commerce platform
PT Indopay Merchant Services, a subsidiary of Indonesia’s banking solutions provider PT Abhimata Persada, has teamed up with ACI Worldwide for the latter’s UP eCommerce Payments solution. Indopay is keen to grow its share of the domestic market and also expand across Asia – and ACI’s platform will underpin the strategy. The Indonesian eCommerce marketplace […]
N.Y. DOL Revises Payroll Card Proposed Rule; Fee Restrictions Remain
For more than a year, payroll card providers have had to deal with the specter of a final rule on payroll card regulations from the New York Department of Labor. The wait is now over, sort of. Rather than issue a final rule, the N.Y. DOL today issued a second revision to its proposal, but the industry is still concerned about its implications.
Pay Studio Updates: APEX Interviews with Citi and FIS; Visa Demos Payments Ring for Rio
Watch our second installment of our special Pay Studio series, along with a new video about Visa’s payments prep for the Summer Games.
DiPocket, GPS Launch Financial App in Poland
DiPocket, a U.K.-based fintech company heads east to Poland with the launch of its DiP mobile financial app, which the company says will provide an alternative to expensive traditional bank accounts or complement consumers’ current banking services.
Samsung Pay Launches in Australia, Promising Gifts
Samsung Pay has launched in Australia, enabling mobile payments for consumers, but the hardware maker wants its mobile wallet to encompass much more, including gift cards, loyalty and transit.
Visa Trumpets Success of Gas Station Anti-Fraud Technology
Gasoline sellers that use a Visa fraud-reduction tool have experienced significant declines in chargebacks and other fraud metrics, the payments network said today. On average, gas stations that use the service experienced a 54 percent decline in counterfeit fraud rates and a 51 percent decline in lost and stolen fraud chargeback rates.
Apple Pay to Take on E-Commerce Giants
Apple is about to make it easier for its users to shop online, and the move will put Apple Pay in direct competition with PayPal, Amazon and the networks’ online payments services for the loyalties of online shoppers.
Supercard Here to Save U.K. Travelers from Fees; Amex not Included
It’s a bird. It’s a plane. No, it’s Supercard, a MasterCard prepaid card and accompanying mobile app catering to U.K. consumers traveling abroad. Supercard, developed by Wirecard AG and Travelex, enables travelers to earn rewards on the cards they want—except for American Express cards—without paying the typical international transaction fees.
House Amendment Could Stymie CFPB Payday Rulemaking
The U.S. House of Representatives Committee on Appropriations recently approved its Fiscal Year 2017 Financial Services and General Government Appropriations Bill, and its passage (30-17) most definitely represents a thorn in the side of the CFPB because it delays the bureau’s regulations for payday loans.
Report: Digital the New Front in Fraud Fight
With fraudsters setting their sights on digital channels, financial services providers have to walk a fine line to balance security with consumer demand for a fast, frictionless payment experience. A new report canvassed fraud management executives across multiple industries—including mainstream and alternative financial services—to gain insight into the latest techniques and strategies to meet evolving fraud challenges.
Travelex partners with Wirecard to launch new card and mobile product, Supercard
Travelex has launched Supercard, a MasterCard and mobile app combo for UK travellers to avoid debit/credit card roaming fees and charges when spending abroad. Supercard will be chip and PIN protected. The security aspect will be taken care of by a payments firm Wirecard. Following a successful pilot, Supercard is now offered to the UK […]
Neema and MasterCard team up for debit card for migrant workers in Asia
Fintech start-up Neema has issued the MasterCard debit card for migrant workers from the Philippines, India, Nepal and Sri Lanka – which promises to drastically reduce the cost migrant workers pay to send money home. Neema says there are no transfer or foreign currency exchange fees. “One of the biggest expenses for migrant workers is […]
CFPB Spends Big to Reach Consumers Online
The CFPB wants to make more consumers aware of its watchdog mission and is spending big to ensure that: $15.3 million so far in fiscal 2016, making the federal agency among the biggest government advertisers, according to reports and an online database.
N.Y. DOL Payroll Rule Expected this Week
It’s been more than a year since the New York Department of Labor first proposed payroll card regulations, but the agency is expected to follow up with a new payroll card rulemaking in the New York State Register this week. What’s uncertain is whether the regulations will be final or if the state will be following up its controversial proposal with a revised proposed rulemaking for which it will accept additional comments.
VocaLink, Zapp Bring Faster Payments to Retailers
Though the focus for most faster payments initiatives primarily has been on P2P and B2B real-time payments, the technology has yet to really be implemented for POS and e-commerce transactions. London-based international payment provider VocaLink and its Zapp technology subsidiary are looking to change that.
Earthport gains foothold in Sri Lanka via Commercial Bank of Ceylon
Earthport, a cross-border payments service provider, has inked a deal with Commercial Bank of Ceylon to provide local payment capability into Sri Lanka. The deal is part of Earthport’s Asian expansion strategy, with similar money transfer partnerships already secured in Pakistan and India. Sajeev Viswanathan, president, global strategy at Earthport, says the tie-up with Commercial […]
Company on the Move: The Bancorp, MasterCard Data Integrity Compliance Award
The Bancorp has been named the recipient of the 2015 Data Integrity Compliance Award, presented by MasterCard.
Visa Europe unveils augmented reality payment tech
Visa Europe and its innovation hub, Visa Europe Collab, have teamed up with visual discovery and augmented reality app Blippar to bring augmented reality to payments. The new e-commerce solution, unveiled at a recent fashion show in London, enables designer garments to be instantly purchased straight off the backs of models. The pilot fashion brand […]
Top fintech stories this week – 10 June 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Goldman Sachs to underpin new digital bank with Infosys tech It’ll be the e-Finacle digital banking platform, Banking Technology understands. Infographics: The Euro 2016 guide to e-commerce In the spirit of that football tournament that starts today, we’ve got an e-commerce […]
Infographics: Flavors of Fast – the world of immediate payments
FIS has published its third annual report, Flavors of Fast, which shows via infographics the growth in the number of real-time payment initatives and usage volumes. Warren Gardiner, VP strategy enterprise payments, FIS, says: “Context is everything: speed without context is just faster; creating context without open data mining is merely an improvement. Speed, context […]
Has Death Knell Sounded for MCX’s CurrentC?
MCX, led by a consortium of large retailers such as Walmart, Target and Best Buy, has announced it’s ending the beta test of its mobile payments service CurrentC, and accounts will be deactivated June 28.
Dodd-Frank Faces New Challenge from House Republicans
A less powerful CFPB and looser caps on card interchange fees: Those are among the potential features of a bill that Chairman of the House Financial Services Committee Jeb Hensarling (R-Texas) plans to introduce later this month that would overturn major provisions of the Dodd-Frank act.
