Dashlane, a password manager with offices in New York City and Paris, announced on May 9 that its digital wallet has surpassed $5 billion in online consumer spending. Could this digital identity company become a leader in the wallet wars?
The sale of the unit to the restaurant management technology company comes amid financial woes for Groupon. The deal makes Upserve the industry’s largest cloud-based restaurant management platform, serving more than 6,000 restaurants in every U.S. state, according to the company.
The State Bank of Pakistan has issued new prepaid card regulations in a bid to promote prepaid for financial inclusion and enhanced security. Meanwhile, Stockholm-based mobile payment specialist Seamless Distribution AB has been granted an e-money issuing license by Sweden’s financial supervisory authority for its SEQR mobile wallet.
US payments start-up Dwolla has submitted its FiSync platform as part of its faster payments proposal to the Federal Reserve-chartered Faster Payment Task Force. The Fed-chartered initiative, comprised of over 500 Faster and Secure Payments Task Force members, has been tasked with representing, addressing, and assessing “improved” payments systems. Dwolla is offering FiSync, a communication […]
Green Dot’s positive financial results for the first quarter of the year included growth in the prepaid segment, the launch of the company’s revamped MonkeyPak reload product and several new partnerships. But the company’s strong quarter wasn’t enough to silence its loudest critic, as activist investor Harvest Capital sends yet another letter to shareholders blasting what it calls Green Dot’s “smear campaign” against its board of director nominees.
A new report makes the case for using alternative data to judge whether consumers are good risks for loans.
The National Retail Federation finds that 66 percent of small business owners find regulations difficult to understand. Only 44 percent of respondents said government regulations help businesses.
With news on blockchain and bitcoin appearing thick and fast, here’s a round-up of key events to save you time. The Swift Institute has published new research on the practical application of blockchain (or mutual distributed ledger) in securities markets. The paper, “The Impact and Potential of Blockchain on the Securities Transaction Lifecycle”, is based […]
Fiserv has reported adjusted revenue of $1.25 billion in the first quarter of 2016 compared with $1.19 billion in Q1 2015, an increase of 5%. Its financial results reveal nothing specific about the word “profit”, but a Fiserv spokesperson says: “We do disclose our profit in our earning results. We reported adjusted earnings per share […]
NCR Corporation (NCR) has signed a strategic alliance agreement with US-based Huntington Technology Finance to provide lease financing for NCR ATMs, including “ATM-as-a-Service” type options, for financial institutions (FIs). The new relationship gives FIs a single, monthly (or quarterly) payment for their NCR equipment, deployment, service, administration and software. Gordon Fraser, remote services management director, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Atom Bank adds another system to its tech set-up; readies mobile app Bank has just launched, but already has problems. Monitise looks to be profitable in H2 2016 But did it grow too big too fast? EFG and BSI […]
The CFPB today released a proposed rule that would place restrictions on arbitration clauses in financial services contracts.
We’ve compiled your nominations for the Smartest People in Payments and need your final votes to determine which executives will be featured in our Smartest People in Payments profile series in the Fall issue of Pay Magazine. Write-ins welcome, but your votes must be received by May 20.
As printers and other devices start replacing supplies on their own, and giants such as Amazon make big bets on the evolution of self-sufficient retail, an expert ponders whether the Internet of Things needs its own payments infrastructure.
As MasterCard and Visa work to enable quicker EMV transactions, could new technology leapfrog EMV by providing a better experience at the POS?
Is the sky really falling for Apple, which missed its Q2 earning mark, as some analysts predict? Another view points to Apple Pay and other services from the hardware giant as growth drivers for the future.
Anti-fraud tokenization technology stands to gain more attention and use in the U.S. as the mobile wallet wars develop and new specifications are issued.
UK-based payments vendor Monitise seeks to turn its fortunes around with a new digital payments offering, new COO and a new, re-focused business structure. Banking Technology investigates. Choppy waters The mobile payments vendor has had a difficult few years, partly attributed to growing too big too fast. By 2014, it had to write off £128.5 […]
Did you know that in the Netherlands 54% of all transactions are carried out using the iDEAL online banking system? Or that Germans prefer to pay on account via direct debit and the popularity of e-wallets is growing in Russia? ‘The world of e-commerce’ reveals the three most popular e-commerce payment methods across 22 countries […]
MasterCard has launched its MasterCard Integrated processing service in Asia-Pacific, the company said today.
Organized fraud rings are attacking contact centers more than ever before, according to a new report from Aite Group.
India’s Yes Bank has issued some 1.7 million MasterCard-branded virtual prepaid cards since launching the program in January 2016, making it one of the largest issuers of those cards in the world, the financial institution says.
Fraudsters obtained tax and salary data on employees of more than a dozen corporate clients of payroll services provider ADP—information that could be used to file fraudulent tax returns.
Pakistan-based Bank of Punjab (BOP) has extended its partnership with local software vendor Autosoft Dynamics. Autosoft will implement its new real-time gross settlement (RTGS) system, AutoRTGS, at the bank and will also extend the coverage of the Adams treasury system to support Islamic banking. BOP is already a user of Adams for conventional banking operations. […]
A U.S. Congressman from Arizona is the latest lawmaker to set his sights on prepaid cards in a bid to combat the growth of tax refund fraud. Rep. Matt Salmon (R-Ariz.) recently introduced a bill that would ban tax refunds from being loaded onto a prepaid card unless the identity of the accountholder has been “verified by an office or employee of the Department of the Treasury.”
As two British regional banks launch a mobile-only offering, a new white paper from the Emerging Payments Association and The Bancorp points to why the U.K. is becoming more attractive for new fintech companies.
Wirecard’s boon. mobile payments service has launched for Apple Pay in the U.K., opening the mobile payments service to consumers, regardless of bank affiliation. By offering a digital prepaid MasterCard, boon gives Apple Pay a way to reach customers without having to go through a traditional bank.
The Federal Reserve Board seeks input on a proposed rule that could limit incentive-based executive compensation based on risk-taking behavior by banks. The move stems from the Dodd-Frank Act and comments are due July 22.
India-based Paytm has teamed with IT services integrator Wipro for its new payments bank, as it gets ready for an August launch. Wipro will be implementing the new core banking system, and Banking Technology understands that Infosys, Oracle FSS and TCS Financial Solutions were in the running to provide their core banking solutions to Paytm. […]
Turkey has introduced its own card payment system, called TROY, and the nation is setting its sights on becoming a cashless society by 2023. Speaking at the launch, Dr Soner Canko, general manager of the Interbank Card Center (BKM) in Turkey, said: “Many countries around the world, from Canada and Italy to South Korea and […]
VocaLink, the payment systems provider, has signed a five-year deal to provide “exclusive” processing for the LINK ATM network. The deal is the UK’s largest ever ATM processing deal and is expected to deliver over 16 billion transactions. Under the five-year contract with LINK Scheme and its 38 members, VocaLink will provide ATM switching and […]
The acquisition of the card manager and processor comes after Emerchants bought Store Financial Services UK. 2016 Pay Awards winner Emerchants reportedly is raising $35 million for the new deal.
The fight against tax refund fraud was part of the discussion at the recently concluded NBPCA Power of Prepaid conference, where the IRS commissioner talked about the public-private partnership designed to boost security.
The Federal Trade Commission is investigating Venmo, the popular P2P payment app owned by PayPal Inc. In its quarterly earnings report, PayPal said it received a Civil Investigative Demand from the FTC on March 28, as part of an investigation into whether PayPal through its Venmo service is “engaged in deceptive or unfair practices,” according to the filing.
The money will go toward new hires and global expansion, with Remitly now offering its services in Canada.
Italian banking heavyweight, UniCredit, is working on standardising its global transaction business (GTB) on one platform, underpinned by D+H’s Global PayPlus (GPP) system. GPP is supplied by D+H’s Global Transaction Banking Solution (GTBS) unit, formerly known as Fundtech. UniCredit’s GTB business covers 17 countries – the bank has accrued it via an aggressive M&A strategy […]
The new framework – available worldwide – is set to open up access to real-time payments for banks. UK-based Icon Solutions, an IT payment consultancy and specialist technology provider, describes its Instant Payments Framework (IPF) as “an agile yet robust software product that expedites financial institutions’ transition to instant payments”. The vendor emphasises that “IPF […]
At the opening day of Power of Prepaid in Washington, D.C., the NBPCA recognized Marilyn Bochicchio as the second recipient of the annual Terrence P. Maher Prepaid Influencer Award. The former Paybefore CEO is an industry veteran and a founding member of the NBPCA.
Payments M&A activity is continuing apace. Online lending company Affirm wants to use the Sweep finance app to expand beyond the point of sale, while Europe-based Payleven and SumUP combine mPOS forces. Meanwhile, Global’s acquisition of Heartland opens up verticals for the merchant acquirer processing firm.
Chinese smartphone maker Xiaomi is planning to launch an NFC mobile payments service in the country, leveraging its position as China’s largest phone manufacturer to compete in an increasingly crowded mobile payments market.
