MasterCard is in “exclusive” talks with VocaLink over a £1 billion-acquisition, according to Sky News. Sky News says it has learned that 13 banks, which are shareholders in VocaLink, have “approved a period of exclusivity within which MasterCard can negotiate a takeover of the company”. Out of those banks, Barclays, HSBC, Lloyds Banking Group and […]
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Corelation’s Keystone core system reaches 50 users All aboard for US-based credit unions. Citizens Bank plans core banking revamp with FIS Bank is also looking at a new mobile platform and middleware layer. Scotiabank invests millions of dollars […]
UK-based payments firm Moni has gone into receivership. Moni says its business and assets are being marketed for sale; and joint administrators have been appointed. If people have queries or are “owed money”, Moni is directing them to an advisory service. The firm did offer a mobile payment app for iOS and Android – similar […]
Financial institutions are still nervous about APIs and security when the word “open” is discussed, was one theme from the Swift Business Forum London 2016. More than 1,300 delegates were packed into Tobacco Dock, London for the sixth edition of the one-day event. Yesterday morning’s sessions (20 April) were a mixed bag – “blockchain is […]
If you want to fight fraud in the corporate and government sector—or any sector—you need many tools. And, you may have to educate clients that no one tool is the solution.
Gamification is not new, but new entrants are showing that injecting the right mix of fun and rewards into financial education can reap dividends for consumers and financial services providers seeking to engage their customers.
We’re bombarded daily with reports that fintech firms are poised to eat the banks’ lunch. The drumbeat is so loud and steady, it’s hard not to fall into the trap of thinking that banks’ best days are behind them. But, I believe the proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions.
The digital edition of the Spring 2016 issue of Pay Magazine is finally here. Whether you’re a technology provider, a financial services company or a retailer, you have to reconcile consumers’ on-demand mentality with top-notch security and compliance at every consumer touch point. In this issue, we help you do just that.
On the heels of a strong earnings report yesterday, Discover Financial Services’ wholly owned subsidiary Diners Club International announced a deal with Bamberg, Germany-based payment service provider Computop to increase international e-commerce merchant acceptance of Discover, Diners Club and Alliance Partner cards.
The conference agenda covers the latest in prepaid legislation, regulation, compliance and business innovation, with keynote addresses from Reps. Scott Tipton (R-Colo.) and Carolyn Maloney (D-N.Y.), and IRS Commissioner John Koskinen.
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
The new e-learning platform will administrate, document, track, report and deliver a broad catalogue of digital courses and social learning. It is an interactive, cloud-based service. To start with, SwiftSmart will support a subset of Swift’s existing training portfolio, which consists of 100+ courses. The full portfolio will be available by 2017. The initiative is […]
Denmark-based Nets and JCB have teamed up for Nets to use J/Speedy, JCB’s contactless technology, for Dankort payments with smartphones. Nets will launch Dankort on the mobile in autumn 2016, and JCB is also aiming to accelerate its mobile payment implementation globally using host card emulation (HCE) technology. Jeppe Juul-Andersen, SVP at Nets with the […]
As Green Dot Corp. continues to fend off criticism of its performance and leadership from activist investor Harvest Capital Strategies, the company has sent a letter to shareholders in support of a trio of incumbent board members ahead of elections at Green Dot’s upcoming annual shareholder meeting, scheduled for May 23. Meanwhile, Green Dot’s popular MoneyPak product is back with new security features.
Visa releases a “Quick Chip for EMV” software upgrade that will enable consumers to remove their chip cards from payment terminals in two seconds or less.
Real-time payments may be taking a step closer to reality in the U.S., with processor FIS and The Clearing House Payments Company aiming to pilot an initiative offering instant bill payments early next year.
The e-commerce giant takes its first foray into brick-and-mortar payments, partnering with an apparel seller to make it easier for consumers to shop online and buy inside physical stores.
MasterCard, Western Union, Bkash, a mobile financial service (MFS) provider, and BRAC Bank have launched a new, international remittance receiving service in Bangladesh. The service – via Western Union’s global network – enables Bkash’s registered customers to use their mobile phones to receive remittances from abroad directly into their accounts or collected from a Western […]
FIS and The Clearing House (TCH) are preparing to launch a pilot for a “first-of-its-kind” real-time payments system in the US. The pilot will initially focus on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. Already under development, the pilot will go live in the first quarter […]
In March we celebrated the winners of the 2016 Pay Awards at All Payments Expo in New Orleans. See photos of our Best-in-Category honorees and our Industry Achievement winner.
The Reserve Bank of New Zealand (RBNZ), the nation’s central bank, has chosen Italian payments company SIA to implement and support a new real-time gross settlement (RTGS) system. The new system will replace the current exchange settlement account system (ESAS). It will be delivered by SIA’s subsidiary Perago, based in South Africa. Perago is a […]
With the CFPB expected to release its long-awaited final rule on prepaid accounts sometime in the coming months, industry experts peered into their crystal balls last week during a panel discussion at Card Forum in Los Angeles, delivering predictions about the timing and potential effects of the looming regulation.
New mobile-wallet offers are blooming like spring flowers as industry players try to attract more consumers to the fledgling payment method, which represents only a speck of U.S. retail spending.
Mobile wallets could be a vulnerable target for fraud, and concerns over wallet security could inhibit adoption, especially among certain consumers segments, a new report warns.
The country’s central bank hires Italy’s SIA to set up a real-time gross settlement system. The move represents the lastest development in the global effort to implement faster payment systems.
Switzerland’s new real-time gross settlement (RTGS) system, SIC (SIX Interbank Clearing), is now live – opening the way for ISO 20022 usage. The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April. With SIC up and running, migration to the new […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
Almost half (48%) of SMEs in the UK are frustrated by payments taking too long to reach their bank account, a survey conducted by YouGov on behalf of ACI has found this week. The businesses surveyed also state that these delays are negatively affecting their ability to run their business. A third of the SMEs […]
Central Payments, the payments division at Central Bank of Kansas City (CBKC), recently announced that Brooke Fitts has joined the company as vice president of operations.
Edge Consultancy LLC, a new strategic consulting firm aimed at community banks and credit unions, has added several new consultants and leadership positions, including CEO Kirk Kordeleski, former CEO at Bethpage Credit Union.
MasterCard has appointed Raj Seshadri as president, U.S. Issuers. In this new role, she will be responsible for managing and expanding the company’s partnerships with banks and credit unions across the U.S. market.
OmnyPay, a provider of one-step loyalty rewards and coupon redemption via mobile, announced that former MasterCard senior executive Mung Ki Woo will be joining OmnyPay’s leadership team in the role of chief partnerships and international officer.
Ripplet, a global provider of financial settlement solutions, has hired HSBC alum Marcus Treacher as global head of strategic accounts.
As entrepreneurs recognize the market potential of serving the underbanked, many of the most cutting-edge payments startups are building their products and services around the existing prepaid infrastructure, Center for Financial Services Innovation Managing Director Ryan Falvey told Card Forum attendees this week.
