Allied Irish Banks (AIB) is set to modernise its payments platform. The bank has recently concluded a system selection to that effect. The new supplier is Dovetail, Banking Technology understands. The new payments hub will support high-value, low-volume payments as well as high-volume, low-value ones. Dovetail’s solution will replace the Global PayPlus (GPP) legacy platform […]
Amsterdam Trade Bank (ATB), a European subsidiary of Russia’s Alfa Group, is looking for a new core banking system, Banking Technology understands. The bank is a long-standing user of Misys’ software, including Equation for core processing, Trade Innovation (TI) for trade finance, and Opics for treasury and capital markets. In 2010, Misys announced ATB’s successful […]
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
The recent D+H conference in London has provided a platform to corporates to share their experiences of dealing with banks, vent their frustration, highlight the improvements and discuss the latest developments and the way forward. Unsurprisingly, the main themes were standardisation, automation and the reduction of complexity. The panellists – representatives of Hilton Worldwide, Ingersoll […]
With the threat of cybercrime growing considerably, we canvassed top payments providers and data security consultants to find out what they see as the biggest cyber-risks, and what steps companies should take to help keep consumer data—and the financial system—safe.
As contactless EMV transactions become mainstream in the U.K., the trends could foreshadow what’s ahead for U.S. payments.
At the All Payments Expo in New Orleans, engagement and security were all the rage, while payment experts looked toward new prepaid rules from the federal government.
At the D+H customer event in London, Insights EMEA, there has been a lot of talk about innovation, blockchain (of course) and where corporate payments are heading. Whilst D+H and its Global Transaction Banking Solution (GTBS, formerly Fundtech) unit are, understandably, promising their clients better solutions – so we won’t dwell on that – it […]
There’s no doubt about it, fintech is a force to be reckoned with, and the UK has positioned itself convincingly as the global capital. Speaking at an event only last month, Economic Secretary, Harriett Baldwin, commented on how fintech is “helping normal people in their daily lives” by giving them extra choices when it comes […]
During a panel at Money20/20 Europe in Copenhagen on April 5, experts discussed the challenges of creating personalized experiences to entice users and deliver those experiences at scale.
Europeans are showing an increased interest in digital wallets and almost a third (31 percent) say they’re likely to use a digital wallet on a mobile device, 5 percent more than the previous year, according to Aimia research released this week at Money20/20 Europe.
PayPal Inc. has unveiled a new chart that shows just how quickly its mobile payments have spread in the U.S. over the past decade. Issued in a PayPal blog post to mark 10 years since the company offered its first mobile payments service—which enabled users to send money via text—the chart tracks PayPal’s mobile payments volume by year. Since beginning at under $50 million in 2006, mobile payments volume shot up, cracking the $1 billion mark in 2011—and the $10 billion plateau just a year later.
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Here’s a round-up of yesterday’s (5 April) panel discussions at Money 20/20 in Copenhagen. In “Knowing me, knowing you: Streamlining KYC, ID and customer onboarding” the issues of identity and how service providers are using new technologies for verification were examined. A question to the audience as to whether ID-based payments are dead received a […]
The relationship between banks and the startup fintech community has gone through various stages and may depend on your geography. But during an introduction of the three StartupPitch competition winners at Money20/20 Europe today in Copenhagen, Matt Harris, managing director, Bain Capital, likened the state of the fintech industry to the second movie in the original Star Wars trilogy—The Empire Strikes Back.
Two firms presented research at Money20/20 Europe in Copenhagen on April 4—with very different focal points. While CGI’s survey delved into what consumers want out of financial services—and from which companies they’d like to receive those services—Edgar, Dunn & Company presented research sponsored by Wirecard from its “10th Annual Advanced Payments Study” examining industry stakeholder attitudes and predictions for the future.
MasterCard is partnering with relief organization World Vision International to deliver humanitarian aid assistance via electronic payment technologies, including the Pay Award-winning MasterCard Aid Network.
The Verifone Carbon, designed for such businesses as cafes and retail stores, enables not only payments but personalized marketing messages targeted at consumers. Verifone says the launch helps showcase that it’s competing on a design and innovation standpoint, not just by providing security and scale.
Cardiff-based Principality Building Society is a step closer to selecting a new core processing system, Banking Technology understands. Principality’s current provider is Unisys Financial Services System (UFSS). It is understood that the building society has considered an upgrade of UFSS but decided against it. It is now evaluating offerings from a number of system suppliers. […]
Payment companies need to collaborate, not compete, when it comes to dealing with the threat of card fraud. At this morning’s (5 April) session, “Innovations in card not present fraud” at Money 20/20 in Copenhagen, a panel discussed the issue in a lively and quick chat. Present were moderator Andrew Jamieson, head of innovations, UL; […]
Nick Kerigan, managing director of future payments at Barclaycard, lends his expert view on the changing consumer payment landscape and maps the journey to contactless card payments and beyond. Kerigan leads the team that looks at payment and competitor intelligence, and is responsible for driving innovation across Barclaycard. Last year was a milestone in UK […]
Western Union Business Solutions has unveiled a brand new payments platform for SMEs, WU EDGE. The project has been 18 months in the making and is available to new and existing customers for free. WU EDGE is cloud-based, and is designed to be a single global payments tool for businesses worldwide. It will go live […]
Amazon is stepping on the gas when it comes to expanding its payments business globally. The e-retail giant today announced the launch of the Amazon Payments Partner Program in four countries. In an interview at Money20/20 Europe in Copenhagen, Patrick Gauthier, vice president, Amazon Payments, talked to Paybefore about the company’s payments plans and how it’s winning over merchants.
Figures from MasterCard and Visa show robust increases in EMV cards and merchant acceptance. More than two-thirds of MasterCard-branded cards carry the anti-fraud technology while Visa says it has more than 212 million EMV cards.
Google Wallet is phasing out its companion plastic prepaid card as Google continues to reposition the wallet app as a P2P money transfer service. The Google Wallet Card no longer will be supported as of June 30, 2016, Google announced in a blog post.
Realex Payments, a European payment service provider and part of the Global Payments group, has signed a two-year outsourcing contract with Allpay, a UK bill payments collection specialist. The agreement will see Allpay’s online payments processed through Realex’s managed eCommerce solution, and Realex says it will process approximately £1 billion transactions each year over the contract. […]
Faster payments is one of the more pervasive topics in almost any global payments conversation. And if you look at key countries like Singapore, the US, and Australia, it may seem to be more than just talking. Additionally, many countries are improving their infrastructure to clear payments in the same day or already have domestic […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
One of the most talked about issues in retail banking today is the emergence of the new entrant, or “challenger”, bank. “New” banks are being spun off from existing institutions and more than twenty organisations having applied for, or received, a banking licence over the past twelve months or so. Banking is becoming an ever […]
Only 18% of consumers aged 60 or over in the US use mobile banking, according to a study from the US Federal Reserve. In its 86-page report “Consumers and Mobile Financial Services 2016”, the Federal Reserve reported its findings from a survey which focused on consumers’ use of mobile technology to “access financial services and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Samsung Pay launches in China Big market, big appeal. FIS and Vocalink first to supply access to Faster Payments A number of banks are also lined up to connect directly this year. UK credit unions busy with tech […]
Virtual account management (VAM) holds great promise for corporates to centralise and reduce bank accounts. Banking Technology‘s payments expert, Heather McKenzie, explains. One of the promises of the single euro payments area (SEPA) was that it would enable more efficient cash management infrastructures for the euro. In a 2014 study, Economic analysis of SEPA, PWC predicted a […]
Walmart is adding a new rewards program to its Pay Award-winning prepaid MoneyCard that will give cardholders cash back on purchases made in-store, online and at the fuel pump. The news follows American Express’ launch of 1 percent cash back for Serve cardholders and could signal stiffer competition in the GPR space
As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
Mobile banking use in the U.S. has increased to 43 percent of adults with capable devices. But only a relative few of those consumers have paid bills with their mobile phones.
An Accenture survey finds not only that most consumers prefer people over digital channels for customer service, but that human-based interaction can save hassles.
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Payment systems specialist Dovetail has helped US-based BMO Harris Bank with the upgrade phase of its wire platform replacement project. Dovetail’s solution provides “modular, out-of-the-box” payments processing capability that enables the bank to “improve in the short term while working towards an ultimate goal of full legacy replacement”, comments Martin Coen, CEO of Dovetail. Dovetail […]
BPC Banking Technologies has teamed with Da Afghanistan Bank to launch a SmartVista-powered national payment system in Afghanistan. Afghanistan Payments Systems (APS), a consortium of financial institutions funded by Da Afghanistan Bank (the nation’s central bank) through the World Bank, aims to develop the retail banking market in the troubled nation by providing electronic and […]
Global risk and compliance and payments solutions provider Accuity has opened a new office in Miami to serve new and existing clients in Miami, Central America, Mexico, Colombia, Venezuela and the Caribbean.
