Three US FIs in tech revamps
Credit Union of Southern California, Brazosport Teachers Federal Credit Union and Rosedale Federal Savings & Loan Association are undergoing tech modernisation.
Payments
Mastercard Gives its Mobile Payments a Bigger Global Stage
Mastercard significantly will expand the scope and capabilities of its Qkr with Masterpass mobile payment service, the network said Feb. 27. Not only is the technology set to debut in the U.S. and five other countries, but it will now integrate with retail software provider Oracle.
Barclays’ banking takes weekend off
Customers at Barclays Bank suffered a worrying weekend due to problems with cash machines, debit cards and phone banking. At 2pm (UK time) on 25 February, Barclays become aware of the issues and advised customers to use other banks’ cash machines. The customers would probably have worked that out for themselves. Technical issues are affecting […]
Poll Results: Will the CFPB’s Prepaid Rule Be Repealed?
Congress is considering a joint resolution to repeal the rule, which was released last year. If that happens, what will be the result? Our readers respond.
Isbank partners with PPRO for cross-border payments
Turkey’s largest bank Isbank is partnering with PPRO Group for cross-border payments in more regions. The deal means the bank can offer e-commerce merchants 13 local alternative payment methods worldwide. Isbank says it can now also extend access to real-time online banking payment methods and e-wallets in more than 25 countries in Europe, Asia and […]
bPay jewel in the crown for Barclaycard payments
Barclaycard has signed two new bPay partnerships to embed contactless payment technology in watches and jewellery in the UK. The agreements are also designed to complement bPay’s proprietary range – which comprises a wristband, fob, sticker and loop – and the existing partnerships that already see the technology, which is powered by Visa, embedded within […]
Top fintech stories this week – 24 February 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! IBM and Northern Trust debut blockchain for private equity Uses the Hyperledger Fabric. Visa opens new innovation centre in London It’s the latest and largest one. Digital gets a spurt with Natwest and RBS experts Every branch gets […]
Clean sweep for NCR Interactive Teller tech in US
Alaska-based Matanuska Valley Federal Credit Union (MVFCU) has begun deploying NCR Corporation’s Interactive Tellers at its branch locations – meaning its machines are being used in every US state. The ATM lets users interact with their financial institution’s remotely located video teller via video and audio. NCR says this tech is of “particular value to […]
Must-Reads of the Month: February
See what’s hot on Paybefore.com this month, including Global Cash Card’s win against onerous payroll card regulations in New York; the CFPB fending off attacks on multiple fronts; a new Blackhawk same-day rebates program; and more.
More than making nice: why payments execs are wooing merchants
The payments industry invitation to merchants to play a bigger role in innovation seems serious and pragmatic, writes our senior editor, an e-commerce expert.
Bank of America zooms in on Zelle for mobile banking
Bank of America has chosen the person-to-person (P2P) Zelle service within its mobile banking app as part of its digital drive. Zelle will let clients send, receive and request money, allowing them to use the existing contacts on their mobile device to transfer money to (or request money from) “almost anyone within minutes, regardless of […]
How to Make a Multigenerational Global Impact with Prepaid
With the worldwide prepaid market set to hit $3.1 trillion by 2022, providers need to have a firm handle on who those prepaid consumers will be, and how they will shop.
It’s Time to Rethink Service Level Agreements
SLAs provide various metrics upon which service is judged. But in many cases, those metrics—and the business expectations of deals—prove unrealistic and could lead to poor decisions and wasted money.
Mogo’s new prepaid product taps into growing Canadian market
Mogo, a Canada-based fintech firm, has launched what it describes as the country’s first prepaid digital spending account managed through a mobile app, reports Banking Technology‘s sister publication Paybefore. The debut of the Mogo Spending Account and the Mogo Platinum Prepaid Visa comes amid robust growth in prepaid transactions in Canada. The full-service GPR card […]
2017 Pay Awards Categories
Before you enter the 2017 Pay Awards, explore our 24 categories.
Visa and Thomson Reuters go deep into India’s Fintech Valley Vizag
Fintech Valley Vizag, a project championed by the Government of the State of Andhra Pradesh in India, has signed a memorandum of understanding (MoU) with Visa and Thomson Reuters. Thomson Reuters will use the infrastructure provided by the government and local university resources to build fintech projects in the area. Visa is expected to support […]
Mahindra Comviva brings its payments to rural India
Mahindra Comviva has launched Payplus Aadhaar Pay, a merchant payment acceptance solution, as it targets the rural areas of India. The Aadhaar infrastructure, created by the Unique Identification Authority of India (UIDAI), onboards customers and provide them with online services. UIDAI collects the biometric and demographic data of residents, stores them in a centralised database, […]
Mogo’s New Prepaid Product Taps into Growing Canadian Market
Mogo, a Canada-based fintech firm, has launched what it describes as the country’s first prepaid digital spending account managed through a mobile app. The debut of the Mogo Spending Account and the Mogo Platinum Prepaid Visa comes amid robust growth in prepaid transactions in Canada.
Company on the Move: InComm, InComm Canada, Vendor of the Year Awards
Prepaid services provider InComm and its Canadian affiliate InComm Canada each have won vendor of the year recognition by a retailer partner.
Company on the Move: PaymentsCompliance, Card & Payments Awards
PaymentsCompliance, a provider of business intelligence to the global payments industry, was named “Best Payments Industry Newcomer” at The Card & Payments Awards 2017, which took place at the Grosvenor House Hotel, London, on Feb. 2.
TransferWise bot wises up to Facebook Messenger
Residents of the US, UK, Canada, Australia and Europe can now send money and set up rate alerts using TransferWise’s chatbot, launched on the Facebook Messenger platform. According to TransferWise, for regular payments between two currencies, rate alerts will keep users updated on the daily exchange rate. Scott Miller, TransferWise head of global partnerships, says […]
European Online Transaction Rule Revised after Payments Industry Complaints
After absorbing hundreds of complaints from the payments industry, the European Banking Authority will relax its pending customer authentication rules for online transactions. But given the rise in popularity of online shopping, the new threshold of 30 euros before two-factor authentication is required may not be enough to assuage industry concerns.
Payments round-up: 21 February 2017
One is the loneliest number that you’ll ever do… so three stories in one will do better. Here’s a round-up of key events to save you time. Featuring Macquarie Bank, Apple Pay and more. The European Banking Authority (EBA) has relaxed its planned rules for increasing choice in how consumers pay for services and products […]
Q&A with Walt Granville, Cachet Financial Solutions
No more “one and done.” That’s central to Cachet Financial Solutions’ mission for its prepaid clients and was the impetus for platform upgrades that were nearly a year in the making. Paybefore spoke with Walt Granville, senior vice president of mobile innovation, about what’s resonating with clients and how Cachet is using optimized mobile apps to help them fight churn.
Russian banks and Mastercard launch fintech accelerator
Four Russian banks, Ak Bars, VTB 24, Bank Saint Petersburg and Home Credit Bank have teamed with Mastercard to launch the “first collaborative” acceleration programme for fintech in Russia. Strategic consultancy will be done by Accenture, and representatives of the Central Bank of Russia (aka the Bank of Russia), the Ministry of Communications, the Association […]
Innovators’ Spotlight: Raise
The Chicago-based startup enables consumers to easily purchase and redeem e-gift cards right from their smartphones, essentially turning unwanted e-gifts into a convenient and useful form of digital currency.
Visa opens new innovation centre in London
Visa has unveiled its latest and largest innovation centre in London, located at its European headquarters in Paddington Basin. The 1,000+ square metre space will let Visa staff work side-by-side with financial institutions, merchants and other partners to develop new payment solutions. Rajesh Agrawal, London’s deputy mayor for business, says “as a successful fintech entrepreneur […]
Barclaycard strikes new payments deal with TfL
Barclaycard has retained its contract to provide payment solutions to Transport for London (TfL) in the UK for another seven years, with an option to extend for a further three years. TfL and Barclaycard have worked together for two decades, and the former is expanding its network. We assume that Barclaycard didn’t go on strike […]
Kenya Bankers Association unveils real-time interbank switch
Kenya Bankers Association (KBA) has launched its real-time interbank switch, PesaLink, and kicked off a phased rollout of the digital payments platform. The product has been in the making since 2013, when KBA member banks decided to create their own industrywide switch to rival the M-Pesa services. KBA vice-chairman John Gachora says PesaLink is “proof […]
Standard Chartered China teams with Tencent FiT for e-commerce solution
Standard Chartered China is partnering with Tencent Financial Technology Group (Tencent FiT) to launch a new e-commerce solution for corporates. The deal makes Standard Chartered the “first global bank to offer a one-stop online collection solution with WeChat Pay” and combines its cash management offering with the online payment gateway. The bank says it can […]
Top fintech stories this week – 17 February 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Mobile payments in the age of the customer
The mobile payment market is getting more congested every day. For banks, it’s the most frequent touchpoint – one that can help (re) establish everyday relevance and drive engagement. How can banks develop their strategy and prioritise the capabilities that will help them remain valuable to their customers?
N.Y. Grants Global Cash Card Petition against Labor Dept. Paycard Regs
Payroll card providers that operate in New York can breathe a huge sigh of relief. Global Cash Card tells Paybefore that its petition against the New York Department of Labor payroll card regulations due to go into effect on March 7, 2017, has been granted. The industry had been raising red flags about the regulations, which many feared would result in providers exiting the market, since first proposed in 2015.
PayPal Bolsters its Prowess in Cash Transactions with TIO Buy
Seeking to increase its foothold among customers who prefer cash, PayPal will spend approximately $233 million to buy Vancouver-based bill payment firm TIO Networks. The acquisition is not PayPal’s first move to gain the business of consumers using cash.
Webinar Recap: How to Capitalize on Millennial Paycard Opportunity
More than 5 million U.S. millennials don’t have a checking account, and a third say payroll cards would be a valuable way to receive wages. With their distaste for traditional bank accounts and high level of interest in payroll cards, millennials represent a natural and significant market opportunity.
CFPB Seeks Help in Tackling Thin-, No-File Challenge
In a Feb. 16 field hearing, the CFPB said it wants industry input on using alternative data to help thin- or no-file consumers build credit scores. It’s a challenge that many in the prepaid industry have been trying to solve for years to better serve cardholders who often are among the approximately 26 million U.S. consumers who don’t have a credit history and another 19 million consumers whose credit histories are insufficient to produce a credit score, according to CFPB estimates.
Amazon looking to buy Capital One?
Amazon is rumoured to be pondering the acquisition of Capital One. Banking Technology contacted both parties for a comment but received no response.
Swift’s global payments innovation initiative now live
Major global transaction banks are now live with Swift’s global payments innovation (gpi) initiative.
Mobile money: the state of play
With mobile money technology widely available, and so many citizens having access to a mobile phone, how many are actually banking in this way? What are the benefits available to them when using mobile money? And what does the future hold for this fintech innovation?
Bank of Cyprus chooses Dovetail for payments revamp
Bank of Cyprus has selected Dovetail’s payment solution to support Swift, Target2, SEPA credit transfer and direct debits. The project is part of the bank’s ongoing digital transformation programme. Dr Andreas Stylianou, manager organisation and change, Bank of Cyprus, says: ‘Payments are the life blood of our business. We needed a modern, proven payments solution […]
