Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.
Green Dot Bank is moving all of the transaction processing business for deposit accounts, including global prepaid and debit products to MasterCard. This week’s announcement follows 15 months of integrating the companies’ technology platforms.
In the debate over the secure element approach vs. HCE for mobile payments, Apple Pay introduces a new wrinkle with its hybrid solution, proving this isn’t a duel: All that matters is the pass/fail test for security.
Advocates of same-day ACH tout the increased functionality and economic benefits of speeding up payments. But a deeper look at the process reveals more of its hidden risk-mitigation benefits.
The recent news that funds stored in Google Wallet now are FDIC-insured might indicate the tech giant has more changes in store for the wallet—and may even begin positioning it as a checking account alternative.
Less than a year after debuting its One Touch payment service on mobile devices, PayPal Inc. is bringing the feature to the Web.
Consulting firm A.T. Kearney has appointed two partners to its financial institutions practice, Bob Hedges and Teresa Epperson.
Management consulting firm Cornerstone Advisors has announced a series of personnel changes.
CPI Card Group announced that Barry Mosteller, director of research and development, received the Outstanding Member Service Award at the International Card Manufacturers Association 25th Anniversary Expo.
MyECheck Inc., a provider of electronic check solutions for Internet and mobile payments, has added two members to its team.
Optimal Payments, a global online payment solutions provider, was named the Best Payments Company at the EGR North America Awards ceremony recently held in San Francisco.
Mercator Advisory Group has hired Sarah Grotta, a 20-year payments and banking industry veteran, as its head of the company’s debit advisory service.
Merchant Customer Exchange (MCX), developer of the CurrentC mobile payment platform, has appointed financial services and payment industry veteran Brian V. Mooney as the company’s interim CEO.
The SHAZAM Network has added Patrick Dix to the company’s marketing team as a senior public relations manager.
When top payments and retail executives gather at All Payments Expo (APEX) Europe May 18-20, 2015 in Marbella, Spain, a key theme will be identifying and navigating new business opportunities surrounding emerging payments technologies, like mobile wallets and host card emulation (HCE).
Merchant Customer Exchange, developer of the CurrentC mobile payment platform has appointed financial services and payment industry veteran Brian Mooney as interim chief executive. Mooney succeeds Dekkers Davidson, who is leaving MCX to pursue other opportunities.
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
Best Buy Co., a founding member of MCX , surprised observers this week with news that it’s supporting Apple Pay on its Website, and adding POS support later this year. Is there a problem?
MasterCard is paying $600 million to acquire Applied Predictive Technologies, a maker of analytics software to help companies tailor investments and calibrate pricing, marketing and merchandising of products. A key asset the new company provides is its “Test & Learn” platform, which will help MasterCard’s clients make more informed decisions to stay competitive, according to […]
Citi Prepaid Services is teaming up with Enservio to offer property insurance policyholders the option of a Citi prepaid card for claims payments.
JPMorgan Chase will exit the international commercial card issuing business by the end of this year, but it will continue supporting North American card programs and investing in purchasing cards and single-use accounts, such as virtual cards, as well as other products, a spokesperson for J.P. Morgan’s commercial card business tells Paybefore.
Discover credit and debit cardholders will be able to make payments via Apple Pay beginning this fall, the companies announced today.
The Oct. 1, 2015, date for EMV compliance, when liability for counterfeit card transactions at the POS shifts to parties that haven’t adopted the chip card standard, is less than six months away and many financial institutions are finding the effort daunting, according to a study by Fiserv Inc.
Apple Inc. is spending more time on Capitol Hill meeting with lawmakers on topics that include mobile payments, new lobbying expense data suggest. During the first three months of this year, Apple’s expenses for lobbying rose 16 percent compared with the same period a year ago.
Real time payments ‘innovation’ is in fact simply capitalising on advances that first appeared four decades ago, according to panellists at the Swift Business Forum this week. Since then, progress has been glacial in many places. So why has it taken so long to get real time payments?
Stocks for all four major U.S.-based payments networks were up yesterday, following news that they’re finally gaining full access to one of the largest payments economies in the world.
Electronic payments were a driving force behind eBay’s first quarter, ended March 31, 2015, which saw the online auction site total $4.45 billion in revenue compared with $4.26 billion in the same quarter a year ago, according to the company’s latest earnings report.
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
David Bannister, Editor at Banking Technology, interviews Jerry Norton, Head of Strategy UK Financial Services, CGI.
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
The Apple Watch will be Apple’s most profitable product line ever, with gross margins exceeding 60 percent, according to some observers.
Attracting millennials requires a better banking experience and Apple Watch may hold the key, according to Minneapolis-based mobile money technology provider Cachet Financial Solutions, which today announced its prepaid mobile platform supports Apple Watch.
Samsung has even larger plans for biometrics beyond including fingerprint-based authentication as part of its Samsung Pay mobile payments service.
India’s largest private bank is exploring contactless payments in a limited rollout to corporate campuses that enables employees to use a mobile prepaid account to make NFC payments at corporate canteens and shops.
More than 300 organisations have applied to participate in the US Federal Reserve’s task force for faster payments, Sean Rodriguez, senior vice president for industry relations at the Chicago Fed, said yesterday at the Nacha conference in New Orleans.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
Apple Inc. is negotiating with Canadian banks to bring Apple Pay to Canada as early as November, with details about fees and security protocols at the center of discussions.
Jonathan LeBlanc, global head of developer advocacy at PayPal, says the future for mobile payments and other sensitive transactions could lay with embeddable, injectable and ingestible devices.
The CFPB is holding a conference next month that it says will focus on high-quality consumer finance research, with academic and government experts presenting data.
