Criminals have deepened their focus on U.S. online transactions since the country’s October 2015 EMV liability shift, with card-not-present fraud expected to hit $6.4 billion in 2018, according to a new report from the U.S. Payments Forum. The expected total would represent a 23 percent increase from fraud losses in 2017, and a 68 percent increase from 2016.
While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.
EdgeVerve Systems, a product subsidiary of Infosys, has launched Finacle FinTech Connect and the chance for firms to integrate their solutions into Finacle’s banking suite. Companies are invited to register for a partnership evaluation process and stand a chance to present at its event Infosys Confluence 2017 in May in San Francisco; along with joint […]
Dublin-based e-commerce services provider eShopWorld will create up to 250 new positions over the next three years as part of the company’s $30 million growth plan.
TSYS has been recognized as a 2017 World’s Most Ethical Company by the Ethisphere Institute, a global organization dedicated to advancing the standards of ethical business practices.
The Cheque and Credit Clearing Company (C&CCC) has launched an industry-wide image-based cheque clearing system to speed up processing for customers across the UK. The new system will go live with some banks and building societies from 30 October 2017. Then, at some stage in the second half of 2018, all of the UK’s banks […]
Digital payments app, Samsung Pay, has been launched in India. Access is limited to those who signed up for the early access programme and available only on its mid-segment and flagship Samsung Galaxy devices.
Earthport, a cross-border payments service provider, has reported a massive rise in its number of transactions and payment volume for the six-month period ended 31 December 2016. The number of transactions reached five million, a growth of about 85% over the prior year period. Payment volume increased by 97% to $7.80 billion and revenue per […]
With the EU’s Second Payment Services Directive (PSD2) and open architecture framework set to come into force next year, regulation may well tip the scales between banks and fintechs for customer loyalty, according to a new report conducted for Temenos by the Economist Intelligence Unit. In the 36-page study, “Symbiosis: Your bank has your trust. […]
Payments Canada, an organisation that operates the country’s payment clearing and settlement system, has selected consulting firm Accenture to help it lead “Modernization” – its initiative to improve Canada’s payments ecosystem. Jan Pilbauer, executive director of Modernization and CIO at Payments Canada, calls Accenture a “strong consulting partner”. In December, Payments Canada released its plans […]
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
The Securities and Exchange Commission denied the application of Internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss to create an exchange-traded fund for the virtual currency bitcoin.
The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.
House bill 1009 would require the CFPB and other independent federal agencies to submit regulations annually to a White House office for review, in the latest push to reform the CFPB and otherwise reduce regulatory burdens for the financial and payments industry under the Trump administration.
Watch out Siri and Alexa, Samsung has unveiled its own artificial intelligence (AI) solution called Bixby. This will be a new interface on Samsung’s devices – with the imminent Galaxy S8 getting it first – and when an application becomes Bixby-enabled, it will be able to support “almost every task” that the application is capable […]
Walmart recently announced another step toward further developing its e-commerce business with the creation of a technology incubator called Store No. 8 to create new retail online businesses as well as help the retail giant better compete against Amazon.com.
The Illinois Department of Financial and Professional Regulation has become the first U.S. regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services. The agency oversees the regulation and licensing of banks and financial institutions, among other businesses, in the state.
New underwriting technology developed by Experian and financial data aggregator Finicity could speed up borrowing and enable millennials and other consumers with thin or no credit files to receive money. The product emerges amid a federal call for more work on helping those potential borrowers build credit scores.
Russia-based Post Bank, a joint venture of VTB Group and Russian Post, has purchased 3,200 self-service cash recycling systems (plus software and services) from Diebold Nixdorf.
Nedbank, one of South Africa’s largest banks, is implementing a new syndicated lending system, Fusionbanking Loan IQ, supplied by Misys.
Money transfer giant MoneyGram can give further consideration to Euronet’s surprise bid to acquire the company from under the nose of Ant Financial, which in January entered a definitive agreement to buy MoneyGram.
The top Democrat on the U.S. House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers. Last year, the CFPB announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine was the largest such penalty it has ever issued.
The Bank of England’s (BoE) fintech accelerator has teamed with Ripple for a cross-border payments proof of concept (PoC). As Banking Technology reported last year, the accelerator was set up to harness innovation for central banking. In this latest development, the PoC with Ripple is intended to demonstrate the synchronised movement of two different currencies […]
This nifty infographics, created by the European Payments Council (EPC), explains all you need to know about PSD2, from what it will change and its key components (such as APIs) to who the new players are.
McDonald’s has made its first step towards the internet of things (IoT) with the introduction of a mobile ordering app as a means of streamlining the in-store customer experience. Banking Technology‘s sister publication telecoms.com reports that using apps to deliver services in this segment is hardly a new idea, though experiences to date have been […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Office of the Comptroller of the Currency is moving forward with its plan to enable fintech companies to become special purpose national banks (SPNBs), releasing a licensing manual draft supplement which provides guidance on how the OCC “will apply the licensing standards and requirements in its existing regulations and policies to fintech companies applying for [SPNB] charters“ and another document that summarizes public comments about the plan to allow SPNBs for fintech companies. The special purpose charter has no shortage of critics, but perhaps the most vocal—New York State—has turned up the dial on its opposition.
Cross-border payments specialist Flywire is expanding beyond tuition and health care payments to offer B2B payments in several new segments, including travel, luxury goods, publishing, import/export, business/professional services and technology. Flywire already has several deployments of its new services underway, the company tells Paybefore.
As India’s war on cash wages on, mobile wallets continue to reap the rewards. Although some experts suggested the advent of the Reserve Bank of India’s Unified Payment Interface platform could make mobile wallets obsolete, a new plan for interoperability could be a boon for Paytm, MobiKwik, Freecharge and other mobile wallet providers.
Retail transactions promise to become more vocal and mobile in 2017, according to a new U.K. survey report. Even so, the mainstreaming of chat bots and other new tools appears a while off, given the relatively low level of awareness enjoyed by those innovative technologies.
An Australian start-up has been revealed as the key technology partner of Visa’s new contactless payment sunglasses which were launched at the South by Southwest (SXSW) Festival. Visa unveiled the WaveShades sunglasses at the festival in Austin, Texas. Behind the scenes, the bright idea came from FinTech Australia member Inamo who came up with the […]
With federal and state payments regulation in near-constant flux, compliance strategy continues to be of utmost importance, especially for issuers. Amid this landscape, The Bancorp has named Bill Neurohr to head its compliance operations and serve as the point man for the company’s interactions with regulators.
Samsung Pay took another stride this week, with ExxonMobil announcing that its customers can now use the mobile wallet at the pump to pay for gas. This expansion comes only months after Samsung launched a points-based rewards program for Samsung Pay.
Google has revealed that Android payments can now be made within the Gmail app. Whether it is “splitting a dinner bill or planning a group trip”, it offers a “fee-free way” to work out the details and settle up without leaving the Gmail app on Android. Users can exchange money with “anyone” – and are […]
TransferWise will provide money transfer services to customers of UK challenger bank Starling when it launches later this month. As Banking Technology has previously reported, the bank is getting ready for its 2017 launch. It will host its first hackathon, opening up its API to outside developers. It has received its UK banking licence, joined […]
Turkey-based QNB Finansbank, a subsidiary of QNB Group and one of the top five privately owned banks in the country, has enabled its customers to use digital signatures for account opening and loans in the bank’s branches.
As of March this year, UK’s one-pound, two-pound and 50p coins have all been upgraded to become “the most secure coins in the world”. However, with the rise in cashless payments, online transactions and mobile banking, is there any point?
Banking Technology puts the banking innovation in the US under the spotlight. The market is not short of digital offerings: Simple, Moven, Kabbage, Acorns, Earny, Debitize, MagnifyMoney and more – take your pick!
Kenya-based Commercial Bank of Africa (CBA) has unveiled its mobile-based banking service as it targets millennial entrepreneurs. The new service, created in collaboration with software provider Strands, is called CBA Loop and core banking services will be available on the mobile phone app. Users can manage their personal finances, send money, schedule utility bills payments, […]
Cachet Financial Solutions expects to raise nearly $9.3 million in its public offering this week, according to an SEC filing. The Minneapolis-based financial technology provider and Pay Award winner, which priced its offering at $4.50 per share, plans to use the proceeds for working capital, to pay down debt and other, unspecified purposes.
