Citi unveils Citi Pay; launches global API developer portal
US banking giant Citi is launching its own branded mobile wallet – Citi Pay – to take on rivals such as Android Pay, Samsung Pay and PayPal.
Mobile
31 banks and credit unions in Australia to get Apple Pay
Cuscal, a major payments provider to Australia’s credit unions and smaller banks, has signed a deal with Apple to bring Apple Pay to its customers. The service will be available to nearly four million Australians that bank with 31 entities (which work with Cuscal).
Top fintech stories this week – 11 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Green Dot Highlights Secured Credit, Savings Gains in ‘Strong’ Q3 Earnings Report
Steve Streit, CEO of Pasadena, Calif.-based Green Dot, hailed the third quarter as another strong one for the company, pointing to operating revenue, adjusted EBITDA and earnings per share improving on quarter-by-quarter and year-over-year bases. He also highlighted several Green Dot products and services.
Citi Pay on Way as Bank Is Latest to M-Wallet Fray
The recent surge of bank-backed mobile wallets continues, with Citi the latest financial institution to announce it’s getting into the game. The bank on Nov. 10 unveiled its Citi Pay app, which will enable customers to make online and mobile purchases using their Citi card accounts via Mastercard’s Masterpass digital payments service.
Reducing cart abandonment: retail strategies to increase e-commerce engagement
As an online retailer heading into the holidays with approximately $105 billion in sales up for grabs, competing for spend is a top priority.
Hey, Siri! Send some money via PayPal
PayPal is bringing its users “an early holiday present” – the integration of Siri into PayPal.
Mobile-only bank Pepper gears up for launch in Israel
Israel’s Bank Leumi is gearing up for the launch of its new digital banking subsidiary, Pepper. It is expected to open its virtual doors for business before the end of 2016. The tech is provided by Temenos.
Wirecard, GPS Team up to Provide New Prepaid Account for Consumers
Fintech companies and challenger banks in the U.K. have a new tool for targeting consumers without traditional banking relationships. Prepaid card issuer Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is working with payments processor GPS and Bottomline Technologies to support a digital banking solution called “U,” which was designed by U.K. program manager FFF Ltd.
Visa Mobile Payments to Expand to 33 African Countries
Visa-backed mobile payments will expand in Africa thanks to a deal with pan-African banking group Ecobank. The agreement follows a similar one the bank struck with Mastercard in 2014.
Ffrees, Wirecard, GPS and Bottomline Technologies team up for U Account
UK-based banking services challenger Ffrees Fiamily Finance has launched a new “digital agency banking solution” – U Account. The account is supported by Wirecard, Global Processing Services (GPS) and payments software vendor Bottomline Technologies.
New fintech firm, Soldo, comes to UK and Italy
Soldo, a London-based fintech start-up, is launching its flagship multi-user spending account. Soldo is not a bank, but a prepaid MasterCard. It holds an e-money licence from the UK’s regulator, FCA.
Chase Pay Lands Walmart, More MCX Retailers to Come?
It may not be surprising that MCX’s largest member will support Chase Pay, but it’s still a coup for the bank-backed mobile wallet, which already has deals with some other retail heavyweights. Walmart will begin accepting Chase Pay starting in 2017.
SuperCharger FinTech Accelerator in Hong Kong unveils finalists
Eight start-ups and scale-ups in wealth management, regtech, artificial intelligence (AI), payments, big data, blockchain and cybersecurity are to take part in SuperCharger FinTech Accelerator 2.0.
Banking Technology November 2016 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.
Fintech funding round-up: 4 November 2016
Let’s put the fun in funding by keeping it mercifully brief. A round-up of some key events. KEEN Venture Partners, a new venture capital firm operating from London and Amsterdam, has announced €90 million first close of its inaugural fund. It will use the money to provide early growth capital for tech firms with a […]
BBVA first in Spain to launch full account opening via mobile; ties up with Salesforce
BBVA says it is the first financial institution in Spain to launch online onboarding via mobile, which allows anyone to open an account in “just a few minutes”. A customer’s identity is verified through a selfie and a video call. Users can open an account at BBVA through their mobile phone by going to its […]
Top fintech stories this week – 4 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Weatherbys Bank live with new core banking system EXCLUSIVE. Oracle FSS’s Flexcube flexes its muscles. Mobile payments and European millennials Vocalink reveals millennials’ habits and perceptions. Japan rises to blockchain challenge with new consortium Launches with 42 member […]
Mobile payments and European millennials: saying and doing are two different things
Vocalink has unveiled its comprehensive research into the habits and perceptions of millennials when it comes to mobile payments. Turns out, this group is still waiting for the “Uber moment” of payments.
No dispute with Citi mobile app innovation
Citi has unveiled a new feature to let credit card members dispute certain posted charges directly within the Citi mobile app for iPhone in the US. It says it is the only major US credit card issuer to provide this feature on mobile, and the new feature is designed to provide “increased peace of mind” […]
Dunkin’ Donuts Enables Gifting within iMessage
As the holiday shopping season kicks into gear, Dunkin’ Donuts customers now can send gifts via Apple iMessage in iOS 10. The popular chain—and longtime mobile pioneer—is the first national coffee retailer to integrate with the updated messaging service, which enables users to access the Dunkin’ Mobile App within a chat and purchase a mobile gift card using Apple Pay.
Will Bank-Backed M-Wallets Win?
As banks gain a more prominent spot in the mobile payments market, will they become the one wallet to rule them all?
Smart Card Alliance Calls for More Secure IoT Devices
In the wake of a massive distributed denial-of-service (DDoS) attack that shut down hundreds of Websites in October, the Smart Card Alliance has issued a warning on the “critical need” to ramp up security on hundreds of thousands of Internet-connected devices. It’s those devices—which range from cars to refrigerators and make up the Internet of Things (IoT)—that hackers are hijacking and incorporating into their botnet attacks, making attacks large enough to overwhelm Websites’ defenses—as was the case in the most recent attack, which affected major Websites including Twitter, Netflix and Spotify, among others.
N.Y. Facing BitLicense Backlog after Lawsky Departure
New York State’s pioneering BitLicense program could be losing momentum after the departure of New York State Department of Financial Services (NYDFS) head Benjamin Lawsky last year. The state has issued just two BitLicenses since enacting the program in June 2015, shortly before Lawsky left the agency. Another 15 licenses are pending, while four applications have been withdrawn and four others have been denied, according to Reuters, citing an NYDFS spokesperson.
Spanish Online Bank Uses Biometrics, Videos to Speed up Customer Onboarding
Self Bank, the Spain-based online subsidiary of France’s Boursorama financial services group, said it will register new customers via video-conferencing, biometrics and electronic signatures, a move that could reduce time and costs of the expensive customer-onboarding process.
India, Singapore Banks Launching Sound-Based Payment Services
Audio-based payments continue to make noise with India’s YES Bank enabling payments via sound waves over its mobile wallet and OCBC Bank becoming the first in the Asia Pacific region to enable secure payments via Apple’s Siri service.
OCBC Bank first in Asia Pacific for Siri payments
OCBC has become the first bank in Asia Pacific to let customers send cash through Siri. Users can send money with a voice command via Siri, then use the OCBC Pay Anyone mobile e-payment service. It also offers Apple’s instant messaging service – iMessage. No need to stop texting, payments can be made without leaving […]
Cognizant works with KeyBank on Oracle Banking Platform project
Cognizant has assisted KeyBank in implementing Oracle Banking Platform (OBP) from Oracle FSS as part of the bank’s tech revamp. Cognizant says it redesigned KeyBank’s core systems, applications, business processes and customer interfaces to “simplify transactions”. Vipin Gupta, EVP and CIO of Key Community Bank (KeyCorp’s division that includes retail, business and commercial middle market […]
Report: Consumers’ Use of Mobile Devices in Stores Stops at the Register
U.S. consumers’ usage of mobile devices in-store ranks as one of the highest compared with shoppers in other countries. However, their use of mobile devices at the POS drops dramatically, according to the 2016 FutureBuy report, which tracks trends in online, mobile and brick-and-mortar shopping. The results indicate that payments providers have work to do to convince shoppers m-wallets are worth the effort.
Money20/20: The Future ATM Features Biometrics, Leaner Look
Sleek, small, clean and thumbprint-operated—a new Diebold Nixdorf ATM shown off at this week’s Money20/20 show in Las Vegas points toward the future of cash distribution, and speaks to the spreading potential of biometrics in payments.
Discover Global Network Brings Startups into Global Spotlight at Money 20/20
Last month, Discover Global Network announced its support of two fintech scholarship contests hosted by the Center for Financial Services Innovation, an authority on consumer financial health, and Gefen Capital, an investment group representing U.S. and Israeli investors that focuses on investing in Israeli startups. The contest winners, Lenny, Debitize, and PayKey, received financial awards from CFSI and Gefen Capital, and were given the opportunity to demonstrate their unique solutions in the DGN exhibition booth onsite at Money 20/20 in Las Vegas, the largest payments and innovation conference in the world.
Money20/20: Samsung Pay Expands Globally via Mastercard and Deals
Samsung Pay is expanding. The mobile wallet early next year will offer the Masterpass online payment service from Mastercard to Samsung Pay users. That comes as Samsung Pay deploys to Malaysia, Russia and Thailand, putting the mobile wallet in 10 countries total, executives said this week at Money 20/20 in Las Vegas.
Money20/20: Blackhawk’s Roche on Harnessing Brand Power
Payments are moving up the value stream and becoming an engagement platform, moving beyond the transfer and settlement of funds to more deeply connect a consumer and brand. In this environment, payment providers—including those in the gifting and rewards verticals—can leverage the popularity of other brands to improve their own value and stand out from the pack. Those were among the main takeaways from a Money20/20 keynote from Talbott Roche, president and CEO, Blackhawk Network.
Money20/20: Walmart Pay Lessons Learned—and the Road ahead
With Walmart Pay showing strong growth since launching earlier this year, Walmart’s Daniel Eckert—one of the main architects of the service—provided some insights into the motivation behind creating Walmart Pay and what’s in store for the service. Speaking in a Tuesday afternoon session at Money20/20 in Las Vegas, Eckert characterized Walmart Pay as an effort to improve the checkout experience in particular.
Digital agency Degree 53 builds mobile apps for CardOneBanking
CardOneBanking, a UK-based current accounts and payments services provider, has launched new mobile banking apps built by Degree 53.
Bank of America to launch AI chatbot
Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances. Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all […]
Case study: Consorsbank – the pursuit of app-iness
New retail banking apps are released onto the market daily – from traditional banks entering the app era to new disruptive payments services. What does each one of these apps have in common? The need to perform. When Consorsbank, part of BNP Paribas Germany, launched its retail app, it knew performance mattered. The bank shares how it delivered an app that consumers wanted.
Money20/20: PayPal COO on Facebook Messenger Integration, Contextual Commerce
Fresh off announcing a plan to bring PayPal payments to Facebook Messenger, PayPal Inc. Chief Operating Officer Bill Ready said the move was part of the company’s larger push to serve what he called “contextual commerce”—enabling mobile payments to take place in areas outside of the traditional checkout environment.
Money20/20: Payment Networks Call for More Merchant Participation in Innovation
Merchants get ready: That was among the main messages at Money 20/20 in Las Vegas, during an Oct. 25 roundtable session with executives from the four major payments networks.
Mastercard, BofA Employing Bots to Enhance Customer Service
The rise of chat bots in financial services and payments continues with announcements this week from Mastercard and Bank of America that each company will be introducing similar technology. Mastercard is launching a bot for client banks’ and merchants’ customers and BofA’s bot, which it says is more of an “assistant” will service its banking customers.
