Payments


Chase Pay Deal Could Help Phillips 66 Pump Up Mobile Apps

Mobile payment service Chase Pay has landed a major new merchant partner, announcing a multi-year acceptance agreement with Phillips 66 that also will boost the fuel retailer’s mobile payments and loyalty integration. Under the deal, Phillips will accept Chase Pay at fuel pumps and convenience stores that operate under its Phillips 66, Conoco and 76 brands.

Can Bank Biometrics Be Broken?

Using facial recognition to log into bank accounts could present security vulnerabilities, according to a security researcher.

WEX Ends My Travel Cash Prepaid Card Program in U.K.

WEX Inc., a South Portland, Maine-based provider of corporate payment services, will kill its my Travel Cash prepaid card program in the U.K. as of Oct. 4. Shuttering my Travel Cash is part of WEX’s plan to concentrate on its corporate payments products and services, according to the company.

Job Listings Hint at Square Expansion Plans in U.K., Beyond

Square Inc. could be moving closer to its long-expected expansion into Europe. The San Francisco-based mobile payments company posted three openings for positions in the U.K. and Ireland on jobs board Indeed.com. The openings were for a compliance analyst and communications manager, both based in London, and a technical customer support rep, in Dublin.

Infographics: real-time payments – the odyssey

Banking Technology, ACI Worldwide and Nets have joined forces to survey the global market about the highs and lows of its current journey towards real-time payments. From individual institutions’ readiness to key market drivers, obstacles and fraud concerns, and everything in between – survey participants from across the globe share their views.

Misys appoints advisers for £5.5 billion IPO

Banking technology vendor Misys – currently residing in the hands of US-based Vista Equity Partners – is understood to be gearing up for an IPO on the London Stock Exchange. According to City AM, Misys is planning a £5.5 billion float and has appointed investment advisory firm Moelis to oversee it. In its current form, […]

SK Telecom and Hana Financial team for mobile platform launch

South Korea’s SK Telecom and Hana Financial Group have formed a joint venture (JV) agreement to develop and launch a mobile financial services platform. The firms say the deal combines SK Telecom’s mobile technologies and big data analytics with Hana Financial Group’s experience in financial products and mobile financial services. Kim Jung-tae, chairman of Hana […]

Apple bites back over Australian banks’ “cartel”

You can tell cartels to go to hell if you’re Apple. The firm has responded strongly to three of Australia’s big banks’ plans to team up for negotiation deals on digital wallet access. According to the Australian Financial Review, the request from the Commonwealth Bank of Australia, National Australia Bank and Westpac to “collectively negotiate […]

Top fintech stories this week – 19 August 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! New core banking project for Temenos in Canada Exclusive. Credit union in British Columbia goes for T24. Swift slow on strong security say execs “Took their eye off the ball.” Volksbank pioneers NCR Innovation Experience Room An “experimental […]

Chinese tourism inspires Ingenico and Alipay payment partnership

Payments provider Ingenico has partnered with Alipay to give Chinese tourists visiting Europe the ability to pay via their Alipay app at any store using the Ingenico solution. With this partnership, Alipay will be imbedded into Ingenico’s in-store payment gateway, which will allow acquirers across Europe to integrate and offer Alipay acceptance to their merchants. […]

Viewpoint: The Enduring Role of Cash

There is no question that consumers continue to embrace card-based payments as an alternative to cash and checks, none more so than the millennials. But cash will continue to have a role.

Swift forms task force for ISO 20022 harmonisation

Swift has formed a global market practice task force of markets infrastructures and banks to assist its ISO 20022 Harmonisation Charter. Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of high value payments systems (HVPS) providers. Swift says it is a “key component” […]

SWIFT Knew About Security Issues, Did Little about Them

SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.

Report: Mobile Wallets Falling Flat on Repeat Usage

Although consumers continue to adopt and use mobile wallets such as Apple Pay, Android Pay and Samsung Pay, new evidence indicates that such wallets are largely failing to drive repeat usage. A report released Aug. 17 by Javelin Strategy and Research found that mean mobile wallet usage has declined 20 percent over the past three years—to 3.0 purchases a month in 2015 from 3.7 in 2013.

EMVCo Finally Addresses Merchant Slowdown Concerns

In light of huge merchant problems accepting EMV—something that card brand stats show 66-70 percent of merchants still can’t do—EMVCo, the organization that manages the specifications for the anti-fraud chip card technology, said on Aug. 17 that it will, for the first time, provide “formal certification for contactless mobile payment devices.”

Swift slow on strong security say execs

Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]

ACI Worldwide integrates Ethoca Alerts for payments gateway

ACI Worldwide will integrate Ethoca’s service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide. The integration gives PSPs, acquirers, processors and their merchant customers a means to “bolster” their fraud defences with card issuer-confirmed fraud and customer dispute data. Keith Briscoe, chief marketing officer, Ethoca, says […]

Misys’ FusionBanking Essence core system live at Yoma Bank

Myanmar-based Yoma Bank has gone live with Misys’ core banking system, FusionBanking Essence. Yoma Bank, one of the country’s largest commercial banks, has been in tech modernisation mode since 2014. In-mid 2014, it issued an RFI for new core banking software, with the financial support from International Finance Corporation (IFC; a subsidiary of the World […]

The Benefits of Implementing Mobile Payments and mPOS Systems

In an age where texting has replaced email and video chat has replaced phone calls, it’s no surprise that many consumers are beginning to readily adopt new payment form factors, such as mobile wallets, for making payments in stores and on-the-go.

Company on the Move: PAI, Best Places to Work Award

Payment Alliance International (PAI), a provider of electronic payment processing solutions, has been honored for the second year in a row by Louisville Business First as a “Best Places to Work” in Greater Louisville award winner.

Selling VocaLink to MasterCard will kill innovation in UK payments

The proposed sale of Vocalink to MasterCard, threatens to “kill innovation” in UK payments. This is the damning verdict of AccessPay CEO, Anish Kapoor, who is calling on payments experts to come together to voice their opinions and thoughts, before a final decision is reached. In the time it takes you to read this blog […]

Green Dot and Uber Expand Debit Card Payments for Drivers

Green Dot and Uber on Aug. 16 expanded the Instant Pay option that enables Uber drivers to quickly get their earnings via debit cards. The expansion builds upon the launch earlier this year of Instant Pay through Green Dot’s Pay Award-winning GoBank mobile checking account, via a special GoBank Uber debit card.

Alibaba Buying Its Way into India, Southeast Asia

Chinese e-commerce giant Alibaba Group Holding Ltd. appears poised to continue expanding its multi-billion dollar business into India and Southeast Asia. Alibaba has been in talks with Paytm, an m-commerce platform, to acquire all of Paytm Mall or at least a large share of the company’s marketplace business, according to the Hindustan Times.

Apple Pay the way for UK’s CYBG banking group

UK-based Yorkshire Bank and Clydesdale Bank – which together form CYBG – have introduced Apple Pay to its customers. The payments service is also available to its “B” customers. In May, CYBG unveiled a new digital banking platform, called B, as it gets ready to become a standalone challenger bank. Helen Page, chief marketing officer […]

Payments start-up Cookies launches in Germany

Berlin-based start-up Cookies has launched its peer-to-peer (P2P) payment app in Germany. The app is in its beta phase and currently in invite-only mode. Everyone who registered on its website in the past few weeks and months gets a personal invite code, allowing them to use the Cookies App. It says anyone who’s not yet […]

NCR Interactive Teller tech passes 300 milestone

NCR Corporation has revealed US-based Bank of Oak Ridge and Gorham Savings Bank are the latest financial institutions (FIs) to deploy its Interactive Teller technology – taking the total number of customers beyond 300. With the tech, consumers can interact via video and audio with their banks’ remote-based video teller. NCR says its software gives […]

Tesco’s PayQwik Expands to More Stores

After a successful trial run, UK retail chain Tesco will roll out its PayQwiq mobile payment service in all of its stores by the end of 2016. The QR code-based app is available for Android and iOS and enables shoppers to connect any payment card with American Express, Mastercard or Visa branding.

Reports: China Will Legalize Payments via QR Codes

Chinese consumers could soon make legal payments in that country via their smartphones and QR codes, media reports indicate. Shoppers with such online services as Alipay and Tenpay already use the codes, but they exist “in a regulatory gray zone, banned by the government, yet still continue operating,” according Ecns.cn.

Diebold completes Wincor Nixdorf acquisition

ATM maker Diebold has completed its $1.8-billion acquisition of Wincor Nixdorf. As Banking Technology reported in March, US-based Diebold announced it had met the tender condition for its German rival Wincor Nixdorf. The combined organisation will begin operating as Diebold Nixdorf tomorrow (16 August). The market share of the combined company will be about 35%. […]

Payments round-up: 12 August 2016

It’s probably not farfetched to say you’re time-stretched. To save time here’s a round-up of some events in the (Asian) world of payments. Payments firm Mozido has revealed that 14 banks within the Taiwan Mobile Payment Co (TWMP) consortium have adopted its HCE technology. The remaining 12 banks will launch later this year. Mozido says […]

Can Mobile Ordering Apps Handle Payments?

As mobile app operators try to make lunch easier for workers by enabling them to reserve seats and place lunch orders before arriving at restaurants, questions are being raised about how efficiently those fledgling apps handle payments.

CVS Pay Aims to Eliminate Checkout Pain

The company’s new CVS Pay offers payments, loyalty and prescription management within the CVS Pharmacy mobile app. The service currently is available in some CVS locations in select markets, including New York, New Jersey, Pennsylvania and Delaware, with a nationwide rollout expected to begin later this year, CVS said.