People on the Move: Nabeel Siddiqui, Currencycloud
Nabeel Siddiqui earlier this year joined global payment services provider Currencycloud as vice president of North America.
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People on the Move: Ivo Distelbrink, First Data
Payments technology and services provider First Data has named Ivo Distelbrink as the company’s executive vice president and head of its business in the Asia Pacific (APAC) region.
Company on the Move: National Merchants Association, Inc. 5000
Merchant advocacy group and services provider the National Merchants Association has been listed on the 2016 Inc. 5000 list.
People on the Move: Chuck Carr, Payveris
Payveris, a provider of a cloud-based digital payment and money movement platforms for U.S. financial institutions, has named Chuck Carr senior vice president of product management.
Company on the Move: Total Merchant Services, Fortune’s Best Workplaces
Payments processor Total Merchant Services has been ranked No. 9 in Fortune Magazine’s Best Workplaces in Finance and Insurance—the only payment processing company to make the list.
People on the Move: Karim Ahmad, TSYS
Karim Ahmad, a veteran of the financial services and consulting industries, has been named executive vice president of global product and innovation for TSYS, effective Sept. 6.
B1NK bot brings payments “first” to Kazakhstan
Digital-only B1NK, part of Capital Bank Kazakhstan, has unveiled the region’s “first” chat and payments bot – using Telegram Messenger. The bank says its customers can send money to friends and manage their cards all via the messenger service. Gani Uzbekov, CEO, Capital Bank Kazakhstan (B1NK), says: “Today only a couple of tier-2 banks in […]
Early Warning to Promote P2P Service, Changes clearXchange to Zelle
Early Warning, a provider of real-time payments, authentication and risk mitigation services, is preparing to raise the profile of its P2P payments platform clearXchange, upping the competition with Venmo, arguably the king of the hill in P2P payments. Competing with Venmo might seem daunting, considering its parent company is PayPal and its student-popular P2P service is currently free for people on both ends of the transaction.
Apple, Aussie Bank Battle Heats Up Down Under
Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.
India’s Prepaid and Mobile Wallet Markets Keep Growing
Consumers in India made 18.29 million prepaid transactions in June, down 11 percent from 20.60 million in May but up nearly 127 percent from 8.06 in June 2015, according to figures from the Reserve Bank of India. The total prepaid transactions in June 2016 topped $342.7 million, up from approximately $252.6 million in June 2015.
Report: Indian Banks Prepare New Payments Apps
India’s fledgling mobile payments system, the Unified Payments Interface, has a head of steam behind it: An Aug. 30 story in Mashable said that some two dozen banks in the country are set to release UPI apps via Google Play in the coming days.
Profile Software’s IMSplus gains first client in Central America
Costa Rica-based BAC San Jose Puesto de Bolsa has chosen Profile Software’s IMSplus platform to manage its investment and client portfolio operations. This is Profile Software’s first client in the Central American region. Following an international vendor evaluation, BAC will use IMSplus for MIS (management information system) and customisable reporting capabilities; and monitoring of portfolio […]
PhonePe and Yes Bank unveil India’s “first” UPI-based payments app
Payments firm PhonePe and Yes Bank have teamed up to launch India’s “first” UPI (Unified Payments Interface) based mobile payments app. UPI was launched in April by the National Payments Corporation of India (NPCI) – with Yes Bank being one of the 21 banks recently going live. UPI offers instant, online bank payments, and is […]
Windsor Family Credit Union launches Eva banking solution
Canada-based Windsor Family Credit Union (WFCU) has unveiled its new line of everyday accounts – Eva – for “unlimited” daily banking. WFCU says Eva provides “unlimited” deposits, withdrawals, transfers, electronic and cheque debits, point-of-sale transactions, ATM transactions worldwide and “unlimited” bill payments online, by phone, in-branch or at an ATM. Account access through online, mobile […]
Dassault Systemes launches KYC/AML challenge for start-ups
French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]
TerraPay buys Pay2Global for European payments push
TerraPay, a mobile-first international network, has bought UK-based Pay2Global Limited to boost its ambitions for European expansion in payments. Pay2Global is being rebranded as Terra Payment Services. In an outright purchase, Netherlands-based TerraPay, which is part of the Mahindra Group, has acquired 100% of Pay2Global for an undisclosed amount. Pay2Global is a digital international money […]
Randolph Savings Bank in early contract renewal with Fiserv
Massachusetts-based community bank, Randolph Savings Bank, has renewed its long-term contract with Fiserv for a host of back and front office solutions. The renewal was spurred on by the bank’s IPO. Randolph Savings Bank floated its shares in July. It also completed the integration of its earlier acquisition – First Eastern Bankshares Corporation and its […]
RushCard Launches App Featuring Security, Pharmacy Discounts
After a tumultuous nearly year-long span in which UniRush LLC was making headlines stemming from a major service disruption to its RushCard GPR product last October, the company announced Aug. 29 positive news in the form of a new app it says has best-in-class security features and a pharmacy program providing discounted prescription medications.
UnionPay Offers Options for Chinese Students Studying Abroad
As China-based payments network UnionPay continues to grow its global acceptance network, Chinese students studying abroad can use UnionPay cards for tuition payments at more than 2,000 educational institutions outside mainland China, the network announced Aug. 29.
India’s Paytm Set to Receive $300 Million Investment, Report Says
India-based online commerce platform Paytm soon could gain a $300 million investment from China-based e-commerce giant Alibaba and Taiwan-based microchip firm MediaTek, according to an Aug. 29 report in the Financial Times.
New Federation Unites Global Fintech Hubs
A new international network of fintech hubs aims to foster global cooperation for the development of fintech and give the emerging industry a collective voice. Dubbed the Global Fintech Hubs Federation, the new group was formed by Innotribe—the innovation arm of global financial network SWIFT—and Innovate Finance, a fintech industry organization.
Hinduja Bank replaces ERI’s Olympic core system with Avaloq Banking Suite
Hinduja Bank in Switzerland has moved to a new core banking system, supplied by Avaloq, Banking Technology understands. Avaloq Banking Suite replaced the legacy Olympic system from rival vendor ERI. Avaloq declined to comment on the story. Hinduja Bank – part of an India-based conglomerate, Hinduja Group – was set up in the late 1970s […]
New credit union coming to Isle of Man
A group of volunteers is in the process of setting up a new credit union in the Isle of Man – Manx Credit Union. The Manx Credit Union Working Party has been set up, chaired by David Talbot, a retired accountant. “It is non-political and non-denominational,” the Manx Credit Union website states. The volunteers come from […]
Playing games with Mondo’s name change
Changing your name from Mondo to Monzo does not warrant a news story – unless a rival challenger bank makes some fun out of it. A trademark dispute with another Mondo entailed the new moniker and much unnecessary fanfare. While Monzo revelled in its new name and ignored media queries, Starling Bank decided to do […]
VisionFund International opts for BankBI’s business intelligence solution
VisionFund International (VFI), the microfinance arm of World Vision, has selected BankBI’s cloud-based business intelligence and analytics solution. The Microsoft Azure-deployed solution will be used in 32 countries. VFI plans to centralise its data management and reporting efforts across its operational, social performance and financial data, as it wants to “capitalise” on opportunities in rural […]
Fintech funding round-up: 26 August 2016
They said it. We read it. We edit. A round-up of some key events in funding. Singapore-based MC Payment has raised SGD $6 million ($4.5 million) in a Series B round. The funds will be used to “drive market expansion” into Australia and in southeast Asia, as well as “enhance” its product offerings, including Xaavan, […]
Samsung mulls blockchain adoption
Samsung Group could be turning its eyes toward blockchain, according to the Korean Times. The CEOs of Samsung Group subsidiaries attended a lecture on blockchain at Seoul National University, which could be a sign that the group is looking to jump on the crowded blockchain bandwagon. Local media in South Korea also reported Samsung Group […]
Top fintech stories this week – 26 August 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Temenos and BACB go public on core banking software project We knew back in February. Al Hilal Bank’s new CIO looks to collaborate with fintechs Let’s talk. Famous five unsettle Bitcoin with utility settlement coin Arrival of a […]
Top ten lending sites in the US – July 2016
Who is leading the digital way among the lending companies in the US? We have put together some nifty stats for the US top ten online lending sites for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller […]
Rise of fintech heralds Singapore payments revamp
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Jacqueline Loh, MAS deputy managing director, says this is an “important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments […]
GMEX tech to underpin new swap execution facility, Seed SEF
Chicago-based swap execution facility, Seed SEF, has been granted full registration by the US Commodity Futures Trading Commission (CFTC). It is underpinned by the GMEX Technologies’ trading and surveillance software. GMEX is also a stakeholder in Seed SEF. SEFs are trading facilities that operate under the CFTC’s regulatory oversight for trading and processing swaps. They […]
India’s Unified Payments Interface a live wire
Unified Payments Interface (UPI), launched in April by the National Payments Corporation of India (NPCI), is going live for 21 banks. UPI offers instant, online bank payments, and is seen as a major change to the Indian financial sector. It enables banks to provide real-time payments through QR code enabled addresses and offers device fingerprinting […]
Retailers’ Prepaid Cards Make Gains in Mercator Report
Prepaid cards have gained popularity among U.S. consumers in recent years, with 63 percent of adults buying the payments device in the year preceding June, according to a new survey report from Mercator Advisory Group. That compares to 61 percent for the last survey report, and 56 percent for the year before that.
U.S. Regulators Outline Steps Taken after SWIFT Heist
In the wake of the cyberattack that struck international financial messaging network SWIFT earlier this year, U.S. banking regulators say that they are assessing cybersecurity threats facing the country’s financial institutions and the controls in place to defend against attacks.
Nordea and DNB to unite banking ops in Baltics
Nordea and DNB will bring together their operations in Estonia, Latvia and Lithuania to create a new bank. The two banks say their Baltic operations are “a great match”, with Nordea’s strength being in the large corporate segment, while DNB’s is in the SME segment. Both banks also have significant presence in the retail space. […]
Samsung Pay Turns One; 100 Million Transactions Made on Wallet
Seoul, South Korea-based Samsung Electronics recently announced that Samsung Pay had been launched a year ago, and that approximately 100 million unique transactions have been made using its m-wallet thus far.
Microcred to become fully-fledged bank; Temenos to provide core banking tech
International microfinance entity Microcred plans to become a fully-fledged retail bank and grow its presence from nine to 17 countries by 2020. It has opted to keep its long-standing technology provider, Temenos, and upgrade to a single instance of the vendor’s flagship system, T24. It will be operated from Dakar, Senegal. Microcred has recently signed […]
US Bank Wealth Management teams with FutureAdvisor for automated investing
US Bank Wealth Management is partnering with FutureAdvisor to offer automated investing capabilities to clients of its affiliate US Bancorp Investments. FutureAdvisor, an investment advisory firm owned by BlackRock, expects the service to be available to US Bancorp Investments clients in 2017. Mark Jordahl, president of US Bank Wealth Management, says: “Moving forward we believe […]
Innotribe and Innovate Finance launch global hub federation
Innotribe, Swift’s innovation arm, and membership organisation Innovate Finance have launched a Global FinTech Hubs Federation (GFHF) to help foster innovation. To date, more than 20 countries – including Canada, China, Germany, Mexico, Switzerland, and the UK – are participating in the GFHF, with more countries expected to join in the coming months. Lawrence Wintermeyer, […]
Innovation through the Looking Glass for Singapore
The Monetary Authority of Singapore (MAS) has opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS. MAS says the lab will allow it to experiment with financial institutions, start-ups, and technology vendors. In addition, Looking Glass @ MAS will help consultations between start-ups and industry experts in areas such as legal […]
