SIA sees 270% processing improvement with Red Hat roll-out
Milan-based payment processing specialist SIA says that a migration of its systems to the Red Hat Linux environment has led to a 270% reduction in processing times.
Digital
Sear shows up at Skrill after Weve departure
David Sear, the former chief executive of the Weve mobile network e-commerce joint venture, has been appointed as group chief commercial officer at Skrill Group.
Mobile banking to overtake online within five years
Analyst firm Juniper Research reckons more people will be using mobile apps for banking than web-based options by 2019, as the 800 million people who used their phones for banking more than doubles to 1.75 billion in five years.
Branches could blossom as transactions move to digital channels
Banks are continuing to spend money on branches, but they are dramatically changing their role to become centres for sale-oriented advice rather than service-oriented transactions, driven by the rapid growth of digital banking.
Online transactions to touch $5 trillion in four years’ time
The annual transaction value of online, mobile and contactless payments will nearly double over the next four years, reaching $4.7 trillion by 2019, up from just over $2.5 trillion this year, with contactless payments primarily driven by card purchases rather than mobile.
Forget ‘mobile first’: are we heading for mobile-only banking?
The speed at which the mobile market evolves is staggering. Just as we started to look at mobile first, where banks need to align their services and strategies to cater for mobile before desktop or other traditional channels, the notion of mobile-only is now creeping to the fore.
Small financial institutions must face the mobile challenge
As contactless and mobile payment methods continue to grow, building societies and other financial institutions need to avoid being complacent about new technology, according to senior delegates speaking at the BSA annual conference in Manchester this week.
Mobile payment security will depend on using the ‘smart’ in smartphone
Confusion and concern over security is cited over and over again as the biggest barrier to widespread consumer uptake of mobile payments. And no wonder – confidence in the protection of sensitive cardholder data lies at the heart of trust in this technology. An EMV card as a physical asset is cryptographically secure. How can we emulate this security with something that is virtual?
Mobile payments push past 20% of transactions says PSP
Payment services provider Adyen has reported that one in five payments made on its network are now being made using a mobile device – a finding that reflects the rise of mobile payments worldwide, according to the firm.
Banking Goliaths must learn to dance with “Digital Davids”
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
Banks – “Don’t Panic”, says Wells Fargo’s Ellis
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
Banking in the Digital World
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
Why banks need a chief mobility officer
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
Znap puts merchants at heart of mobile commerce revolution
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
MasterCard and Syniverse launch “not just another” mobile payment service
MasterCard has partnered with mobile technology specialist Syniverse under an audacious plan that aims at nothing less than “bringing mobile financial services to every single mobile user on the planet”.
Raincoats, taxis and the future of banking
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Cashing out: Ontario mobile payment infrastructure is on the money
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
IND acquisition opens chink in competitors’ armour for Misys
The acquisition of digital banking specialist IND Group will give Misys access to parts of its rivals’ customer base that it intends to exploit as it develops its offerings in the digital banking channel, while the closer integration of the IND capabilities will also shore up Misys’ defences against encroachment of its own ageing user base.
Mobile vulnerabilities require banking apps rethink
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
How many sides can you put on a coin?
There are two sides to every coin, but with Bitcoin those sides simply could not be farther apart. Its promise is extraordinary: for those afraid of inflation, it is gold redux, while for those who hate exchange rates, it is a way to pay internationally. For merchants it is a way of avoiding high transaction fees and for former Presidential hopeful Ron Paul, it is the destruction of the US Dollar.
HSBC targets online commerce with FX conversion for retailers
HSBC has rolled out a service that will allow online retailers to give customers the choice to pay in various international currencies.
More mobile please – but make it relevant
The likes and dislikes of mobile banking customers around the world suggest that there is an opportunity to expand mobile services globally – but providers need to be careful they are targeting the right information to the right people, according to a new survey by analytics firm FICO.
MasterCard takes controlling stake in mobile remittance service
MasterCard has teamed up with mobile payment solutions provider eServGlobal and Belgacom’s carrier services unit BICS to extend the capabilities of their international mobile remittance platform HomeSend. The three firms have set up a joint venture which uses the HomeSend platform, in which MasterCard will have a controlling share.
2014: a good year for the fraudsters
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
A brave new world for CIOs?
A new role for CIOs in the banking sector was highlighted at the recent Gartner Symposium: to maintain their future relevance and position, they need to be seen as consultants in the technology space, not just providers.
Oberthur and mBank target emerging markets with mobile wallet
Digital security firm Oberthur Technologies has partnered with mobile services specialists mBank in a project aimed at bringing “branchless” banking services to people in emerging markets.
Second IT glitch “unacceptable” says RBS
An IT problem that left customers of RBS and its Natwest and Ulster Bank subsidiaries unable to use their accounts yesterday evening was described as “unacceptable” by a bank spokeswoman. For three hours – on what was expected to by the largest online shopping day of the year, dubbed “Cyber Monday” – the banks’ customers […]
Voxsmart prepares cloud mobile voice recording service for banks
A new mobile voice recording service is being developed by UK tech company Voxsmart, which it claims is the first to automatically capture every type of communication on a mobile device so that it can be used for trading compliance purposes, including the FCA in the UK and Dodd-Frank in the US.
European Central Bank seeks comment on mobile security proposals
A draft set of 14 recommendations to promote the security of mobile payments has been published by the European Central Bank for public consultation.
Moving Money: the ATM makers’ view of the future
With the rise in mobile payments and wallets, cash is dead and so is the ATM business, right? Not according to the ATM manufacturers, who are all being remarkably sanguine.
FIS: making a mark in mobile
Financial software giant FIS is sitting in the middle of the move to mobile, with its customers serving 21 million users. Doug Brown, senior vice president, e-banking, says that’s just the beginning.
A world of payment possibilities
As Ts are crossed and Is are dotted by financial institutions and corporates preparing for the Single Euro Payments Area some recent announcements point to the glittering world of opportunity beyond mundane SEPA compliance.
Skrill goes global with mobile
Mobile payments company Skrill has launched a mobile app that it says can send money to anyone, anywhere in the world at any time. The app has several uses, including cross-border remittance payments to various countries in eastern Europe and around the world.
Bank branch “not dead” says report – but banks must be more mobile
Mobile banking may be on the rise around the world but the bank branch is not dead, according to new research by IT firm GFT Technologies.
Global mobile money transfer to top $10 billion in 2013
The value of international money transfers made via mobile phones will exceed $10bn for the first time this year, according to Juniper Research. However, the cost and complexity of regulating cash transfer has led many service providers to focus exclusively on airtime top ups, the research firm reported.
Lessons on living in a real-time payments world
Coming to the US to tell an audience of payments specialists about how the UK has transformed its national infrastructure over the past five years with the introduction of an effectively real-time payment system might have been considered a rough assignment – what can the Brits teach the wider world, particularly the US, about payments […]
PayPal points to global reach
Don Kingsborough, vice president of retail and prepaid products at PayPal, had a clear message for Money2020 delegates in Las Vegas yesterday: “The future is actually now.”
US consumers reject mobile wallets, survey says
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
Mobile payments – the tipping point
There comes a tipping point when market readiness, social behaviour and technology combine to create a sudden, ubiquitous change of behaviour. For mobile payments the tipping point may have arrived – but will there be a dominant solution?
Cross-channel banking: beyond the app
Understanding and embracing cross-channel communication behaviours will become increasingly critical to success in the banking industry, writes Steve Dille, SVP of global marketing at Maryland USA based communications firm Message Systems.
