Top ten digital bank initiatives in 2016
Look back at some of the major digital bank initiatives across the globe in 2016, with Banking Technology’s top ten.
Mobile
UK retailer House of Fraser to invest up to £35m in challenger bank Tandem
A UK-based challenger bank, Tandem, will start offering financial solutions to customers of retailer House of Fraser in 2017. As part of the collaboration agreement between the two companies, House of Fraser will invest up to £35 million in Tandem.
Top ten fintech opinion pieces in 2016
Look back at some of the most interesting and thought-provoking opinion pieces on all matters fintech published by Banking Technology in 2016.
Top ten digital channels projects in 2016
Look back at some of the major digital channels projects in 2016, with Banking Technology’s top ten.
Questions about Your Finances? Ask Varo Money’s Val
Varo Money announced it’s developing a chat bot for its mobile app. The San Francisco-based mobile-only banking startup, which is offering private-label banking services via The Bancorp, expects to launch “Val” early next year. “She” is part of a steady stream of chat bots that have been announced in 2016 by banks, merchants, tech companies and handset makers to improve customer loyalty, reduce costs and boost revenue, among other benefits.
Top five banking tech case studies in 2016
Our pick of banking tech and fintech case studies – published by Banking Technology in 2016.
The Future Looks Bright for Blockchain and B2B Payments
Tapping into two expanding markets, BNP Paribas said Dec. 21 it had completed its first cross-border B2B payments between corporate clients using blockchain, the technology that underlies bitcoin transactions. The move comes as other major financial institutions seek to invest in blockchain and there’s a rush of providers trying to displace checks in the corporate payments space, particularly for cross-border payments.
Hungary’s central bank endorses instant payment infrastructure plans
Hungary’s central bank and regulator, Magyar Nemzeti Bank (MNB), is bringing a new instant payments system to the country. It will require “state-of-the-art IT and communication solutions in payments”.
Varo Money to launch bot and money coach, Val
Mobile banking app Varo Money is brining to market a chatbot and “money coach”, Val. Val is powered by Kasisto’s KAI Banking bot and “delivers insights into spending, savings, borrowing and helps people set goals as well as offer updates and encouragement about their progress”.
Wirecard takes boon from POS to online with prepaid
Wirecard is using prepaid as a bridge to online payments for its boon mobile app.
Vantiv Names Top Trends for Banks in 2017
Fraud and fintech partnerships; big data and blockchain—all are among the hottest topics in payments—and will continue to be major forces shaping the industry in 2017, according to a new report from Vantiv Inc. The first installment of the payment processor and technology solutions provider’s Trends to Watch in 2017—focused on financial institutions—tabbed those four areas as especially important points of emphasis for banks in the New Year.
Digital Payment Growth in India Brings Initial Headaches
While digital payments providers have enjoyed significant boosts in transaction volume—some as much as triple-digits—since the government banned two popular currency notes, the uptick in digital payments also has led to online traffic jams and fraud, according to several news outlets.
Credit card firm MBNA sold to Lloyds for £1.9bn
Credit card firm MBNA is to be taken over by Lloyds. The firm’s current owner, Bank of America, has agreed to sell it for £1.9 billion. The deal is expected to close in H1 2017.
WorldRemit and Xpress Money launch instant money transfers to Pakistan
Money transfer firms WorldRemit and Xpress Money have partnered to unveil a remittance service to Pakistan. Through Xpress Money’s agent partner network, WorldRemit customers will be able to make instant money transfers to be collected at over 9,500 cash pick-up locations all over the country – including major banks, Al Habib Bank, Bank Alfalah, Bank […]
Challenger bank: Starling – purple reigns
UK challenger bank Starling talks about finding its niche and how it intends to prosper in an increasingly competitive space – all in preparation for its 2017 launch.
Mastercard, Visa Team on Tokenization
Mastercard and Visa have joined forces in a bid to help fast-track the adoption of tokenization for mobile and online payments—and, eventually, payments via connected devices within the Internet of Things (IoT). A new partnership between the rival networks enables tokenized Mastercard payment credentials to be provisioned into Visa Checkout, and, in turn, tokenized Visa credentials to be provisioned into Masterpass.
Study: Mobile Payments to Reach $410.5 Billion by 2020 as M-Wallets Flood Market
A plethora of mobile wallets and payment apps are expected to flood the market in the next two years, and the sheer number of choices are likely to “confuse” many consumers, who ultimately might look to their financial institutions to be their mobile wallet provider, according to a recent report by Javelin Strategy & Research.
Solving the Shopping Cart Abandonment Puzzle
You can design your Website to be mobile-friendly, engage the right search engine optimization (SEO) strategy to attract eyeballs and create compelling content to engage consumers. But if your checkout process has inefficiencies, you could lose sales from customers who abandon their shopping carts—an outcome that is more common than one may think, and for reasons that could easily be avoidable.
Citi and FIS get pally with PayPal
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
PayPal Opens Wallet to Banks with Citi, FIS Deals
After reaching deals earlier this year with Mastercard and Visa to stop steering users away from paying with cards in favor of ACH, PayPal Inc. has struck pacts with Citi and FIS that will enable U.S. consumers to pay with bank-issued cards and accounts within the PayPal app for in-store and mobile purchases.
Amex Bot Enhancement Enables Purchases on Facebook and Messenger
The expanded capability enables U.S. consumers and small businesses with OPEN cards, to add American Express card and billing information to their Facebook accounts. Once the information is added, cardholders can make in-game purchases and shop on business’ Facebook pages.
Cash Still King for P2P, Even Among Millennials
A recent study from VocaLink polled more than 5,000 U.S. consumers ages 18 to 35 on their payments behavior and preferences. And while the survey found that cash has lost ground to cards for most types of payments, it’s stubbornly clinging to the No. 1 spot when it comes to P2P.
Banking Technology Dec 2016 / Jan 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Fiserv Continues Notification Push with OBS Buy
Financial services technology provider Fiserv Inc. has reached a definitive agreement to acquire Online Banking Solutions Inc. (OBS), in a deal Fiserv said will bolster its cash management and digital business banking capabilities—and continues the firm’s recent focus on driving customer engagement via notifications.
South African Bank Eyes Bigger Role in M-Payments with Firepay Acquisition
South Africa’s Standard Bank has acquired a majority stake in Firepay, the maker of mobile payments service SnapScan, which is used to make in-store and online payments at more than 32,000 merchants across South Africa.
Fintech funding round-up: 13 December 2016
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
M-Payments Deal Report: Apple Pay, WeChat, Starbucks and Square
Some of the biggest players in the mobile payments space have announced deals that could bring digital payments and gifting to more consumers around the globe. Starbucks will provide “social gifting” and payments to users of China’s WeChat messaging service, while Square will integrate its digital debit cards with Apple Pay, two recent developments that could boost the popularity of mobile payments.
Fintech funding round-up: 12 December 2016
With so much fintech funding activity going on, we’ve summarised the latest fundraising efforts of start-ups. Featuring Lunar Way, FXCH and Polychain Capital.
Mobile banking tech start-up Bankjoy signs two credit unions
Fintech start-up Bankjoy has secured two clients for its online and mobile banking software, Georgia Heritage Federal Credit Union and Wepawaug-Flagg Federal Credit Union.
Mobey Day Toronto: Machines of loving grace
Don’t rage against the machine, just embrace its potential and look at the real world applications. The world of machine learning (ML) came under the spotlight on day two of Mobey Day in the great city of Toronto. At yesterday’s (8 December) sessions at the Four Seasons Hotel, about 300 delegates enjoyed panels and presentations […]
Top fintech stories this week – 9 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Mobey Day Toronto: The disruption paradox
Teamwork triumphs in Toronto. The theme of collaboration between start-ups and the big players dominated day one of Mobey Day. While some in the fintech industry say they’re disruptive, it seems that’s no longer true as they all look to work together. At yesterday’s (7 December) sessions at the elegant Four Seasons Hotel in Toronto, […]
Fintech tour Toronto: Ontario calls for venture capital
Ontario in Canada is calling for more venture capital to come to the region as it looks to boost its fintech industry. This is the main message from a tour of Toronto, given to the international media by the Ministry of Economic Development and Growth (MEDG).
Can Amazon Make the Checkout Lane Obsolete?
Amazon’s vision of the future, which it’s testing in Seattle, is a grocery store that enables customers to complete purchases via scanning mobile phones instead of waiting to pay.
Citi Prepaid Talks Samsung Pay Rewards, Tipping Point for Incentives
Most of the talk around Samsung Pay’s new points-based loyalty program has been about whether it can spur mobile wallet adoption. But the in-app delivery of a virtual prepaid rewards card could mark a substantial shift for the incentives business, according to Brad Garfield, global product head for Citi’s corporate and public sector prepaid cards.
Digital challenger bank N26 goes pan-European
Germany-based mobile bank N26 is taking its business fully across 17 European countries, including Spain, Italy, Greece, Ireland and Slovakia. Until now, some of these locations were in the “soft launch” phase.
American Express Acquires Mobile Authentication Provider
Fraud prevention is driving payments acquisition activity, with two major moves by the networks in the last two weeks. American Express has acquired InAuth Inc., a provider of mobile device authentication and intelligence solutions, which follows Visa’s announcement of its plans to acquire e-commerce authentication specialist CardinalCommerce, which operates the largest authentication network in the world, according to the company.
Western Union Gains Mobile Momentum with Investment in Billing Specialist
Western Union continues to expand its presence in the mobile vertical with an investment in Walletron Inc., a provider of mobile wallet bill presentment and payments services. The investment follows a deal struck between the companies earlier this year, under which Western Union’s Speedpay electronic bill payment service began offering biller clients the option to incorporate Walletron’s moBills platform.
Can PayPal, Google Holiday Promotions Spur Long-Term Adoption?
PayPal and Google’s Android Pay are making the holidays more festive with new promotions, but will they lead to more consumer usage? PayPal says it’s making its P2P payment service “more personal and heartfelt,” while Android Pay is offering U.K. users a free gift when they use the mobile wallet for purchases.
The Future Is Now: Helping Merchants Engage Consumers
Whether it’s digital coupons, next-generation mobile apps or using augmented reality technology to enhance shopping, have no doubt: That future is here and it’s all about engagement. Paybefore sat down with Amy Parsons, vice president and head of global commerce, Discover Global Network, to get her take on what’s ahead.
