Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
Denmark-based Nets and JCB have teamed up for Nets to use J/Speedy, JCB’s contactless technology, for Dankort payments with smartphones. Nets will launch Dankort on the mobile in autumn 2016, and JCB is also aiming to accelerate its mobile payment implementation globally using host card emulation (HCE) technology. Jeppe Juul-Andersen, SVP at Nets with the […]
As Green Dot Corp. continues to fend off criticism of its performance and leadership from activist investor Harvest Capital Strategies, the company has sent a letter to shareholders in support of a trio of incumbent board members ahead of elections at Green Dot’s upcoming annual shareholder meeting, scheduled for May 23. Meanwhile, Green Dot’s popular MoneyPak product is back with new security features.
Visa releases a “Quick Chip for EMV” software upgrade that will enable consumers to remove their chip cards from payment terminals in two seconds or less.
Real-time payments may be taking a step closer to reality in the U.S., with processor FIS and The Clearing House Payments Company aiming to pilot an initiative offering instant bill payments early next year.
The e-commerce giant takes its first foray into brick-and-mortar payments, partnering with an apparel seller to make it easier for consumers to shop online and buy inside physical stores.
MasterCard, Western Union, Bkash, a mobile financial service (MFS) provider, and BRAC Bank have launched a new, international remittance receiving service in Bangladesh. The service – via Western Union’s global network – enables Bkash’s registered customers to use their mobile phones to receive remittances from abroad directly into their accounts or collected from a Western […]
FIS and The Clearing House (TCH) are preparing to launch a pilot for a “first-of-its-kind” real-time payments system in the US. The pilot will initially focus on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. Already under development, the pilot will go live in the first quarter […]
In March we celebrated the winners of the 2016 Pay Awards at All Payments Expo in New Orleans. See photos of our Best-in-Category honorees and our Industry Achievement winner.
The Reserve Bank of New Zealand (RBNZ), the nation’s central bank, has chosen Italian payments company SIA to implement and support a new real-time gross settlement (RTGS) system. The new system will replace the current exchange settlement account system (ESAS). It will be delivered by SIA’s subsidiary Perago, based in South Africa. Perago is a […]
With the CFPB expected to release its long-awaited final rule on prepaid accounts sometime in the coming months, industry experts peered into their crystal balls last week during a panel discussion at Card Forum in Los Angeles, delivering predictions about the timing and potential effects of the looming regulation.
New mobile-wallet offers are blooming like spring flowers as industry players try to attract more consumers to the fledgling payment method, which represents only a speck of U.S. retail spending.
Mobile wallets could be a vulnerable target for fraud, and concerns over wallet security could inhibit adoption, especially among certain consumers segments, a new report warns.
The country’s central bank hires Italy’s SIA to set up a real-time gross settlement system. The move represents the lastest development in the global effort to implement faster payment systems.
Switzerland’s new real-time gross settlement (RTGS) system, SIC (SIX Interbank Clearing), is now live – opening the way for ISO 20022 usage. The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April. With SIC up and running, migration to the new […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
Almost half (48%) of SMEs in the UK are frustrated by payments taking too long to reach their bank account, a survey conducted by YouGov on behalf of ACI has found this week. The businesses surveyed also state that these delays are negatively affecting their ability to run their business. A third of the SMEs […]
Edge Consultancy LLC, a new strategic consulting firm aimed at community banks and credit unions, has added several new consultants and leadership positions, including CEO Kirk Kordeleski, former CEO at Bethpage Credit Union.
As entrepreneurs recognize the market potential of serving the underbanked, many of the most cutting-edge payments startups are building their products and services around the existing prepaid infrastructure, Center for Financial Services Innovation Managing Director Ryan Falvey told Card Forum attendees this week.
When it comes to mobile wallets, Apple Pay, Samsung Pay and Android Pay garner plenty of headlines. But while the trio of high-profile “—Pays” has finally brought long-awaited consumer attention to mobile wallets at large, are they putting bank issuers at risk of losing control of the payments experience? And, if so, how do FIs fight to stay relevant in the mobile wallet age?
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
The PayToo wallet is targeting unbanked and banked consumers and could serve as an alternative to traditional banking, according to PayToo CEO Michel Poignant.
Wirecard is partnering with CIMB Bank Singapore to provide mobile point of sales (mPOS) card acceptance and banking solutions for clients of POS solution provider Eleos Web. Software till system manufacturer Eleos will use Munich-based Wirecard’s white label solution to “expand” till functionality to incorporate mobile card acceptance. Ong Whee Shiong, MD at Eleos, says […]
India-based payments firm Financial Software and Systems (FSS) will provide Unified Payment Interface (UPI) solutions for six unnamed Indian banks. The National Payments Corporation of India (NPCI) recently launched UPI, which offers instant, online bank payments. The move is seen as a major change to the Indian financial sector. FSS says UPI enables the banks […]
San Francisco-based Paymentwall has integrated Iran’s local payment system, following the end of economic sanctions in the country. The US and the European Union had imposed economic sanctions on Iran until it complied with restrictions set for its nuclear program. After 35 years, Iran agreed to a nuclear deal with the US, and it can […]
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
In a bid to grow its mobile payments business, Indian smartphone maker Micromax has struck a deal with Visa and payment technology provider TranServ. The three companies signed a Memorandum of Understanding under which Micromax handsets will incorporate QR code-based in-store payments service mVisa, as well as TranServ’s Udio mobile wallet app, which enables online and mobile purchases via linked Visa prepaid card.
A little more than two years after its launch into financial services, T-Mobile has confirmed that it’s shuttering its prepaid card program. Citing the competitive marketplace, the carrier is getting out of the business just as the CFPB puts the finishing touches on its prepaid account rulemaking.
A new report says that 70 percent of firms push offers and discounts to consumers through card-linked transactions and nearly half of those firms report transaction growth has doubled in the past year
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
The European Payments Council (EPC) has launched a public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. EPC says the proposed scheme is the “first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments”. […]
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
Financial messaging and payment specialist Volante Technologies has inked a partnership agreement with Payfessional, a Turkey-based IT firm. The tie-up will see Payfessional offering Volante’s VolPay suite of payment integration and processing solutions to the Turkish banking market. Payfessional, which focuses on e-payment processing solutions for the financial services industry, will also market the solution […]
The credit monitoring firm says criminals in the U.S. increasingly are targeting non-bank machines and ATM fraud has moved from the coasts into the heartland.
Raphaels Bank releases a white paper that encourages fintech providers to outsource some of the work to access the country’s Faster Payments Scheme.
Cash bill payment specialist PayNearMe is giving taxpayers a new way to pay the IRS without using a bank account or payment card. The company’s new service enables users to make cash tax payments at nearly 7,000 7-Eleven store locations via barcode scan.
2016 Pay Awards winner Ingenico Group has acquired Think&Go NFC, a startup specializing in enabling digital displays to interact with connected objects like smartphones and transit passes. The acquisition is part of Ingenico’s plan to strengthen its omnichannel presence over the next several years.
