25 October 2014

Latest News

Retail banking

Standard Bank deploys IBM's Watson to crunch customer data

22 hours ago  |  2126 views  |  0

Standard Bank of South Africa has become the latest financial institution to enlist IBM's Watson cognitive computing platform to help it make the most of customer data.

Retail banking

MasterCard raises the stakes for Money20/20 hackathon

24 October 2014  |  2502 views  |  0

MasterCard has raised the stakes for developers participating in the Money20/20 hackathon by chucking in a VIP Las Vegas experience and six-month access to its Startpath incubator programme for the winning team.

Retail banking

RBA warns Australian banks not to backtrack on payments modernisation

24 October 2014  |  8195 views  |  1

The Reserve Bank of Australia has warned that it will be "duty bound" to use its regulatory powers should the nation's banks fail to deliver on promises to modernise the country's payments infrastructure.

Virtual currency

MIT scientist develops algo to predict bitcoin price

23 October 2014  |  2115 views  |  0

Bitcoin's notoriously volatile price may look like it bounces around arbitrarily but an MIT computer scientist has developed a machine-learning algorithm that appears to have found a pattern in the mayhem, helping him to nearly double his investment in less than two months.

Cards

Etsy moves offline with mPOS play

23 October 2014  |  2506 views  |  0

E-commerce marketplace Etsy is setting its sights on the real world, entering the crowded mPOS market with its own app and card reader combo.

Retail banking

MasterCard invests in Mozido

23 October 2014  |  2721 views  |  0

US mobile payment outfit Mozido has completed the first phase of a $400 million funding round with support from MasterCard as it looks to expand its geographical footprint through a series of strategic acquisitions.

Payments

Rotten Apple? BofA duplicates Apple Pay transactions

23 October 2014  |  2475 views  |  5

Early reports of a clumsy interface between thumbprint, iPhone and eftpos terminal and an unfortunate case of double-charging by Bank of America has taken the shine off what at first appeared to be a relatively trouble-free introduction of Apple's new mobile payment service.

Retail banking

The Clearing House wakes up to real-time payments

23 October 2014  |  3820 views  |  2

US bank-backed ACH The Clearing House is to undertake a multi-year effort to build a new real-time processing platform, as the country finally begins to get to grips with its antiquated payment systems.

Payments

MasterCard offers free WiFi to cardholders visiting the UK

23 October 2014  |  4643 views  |  6

MasterCard has partnered with BSkyB-owned The Cloud to offer cardholders visiting Britain free access to more than 22,000 WiFi hotspots.

Cards

Ex-Pimco boss El-Erian invests in P2P lender Payoff

22 October 2014  |  2118 views  |  0

Former Pimco chief executive Mohamed El-Erian has become the latest big name from the world of traditional financial services to take an interest in P2P lending, making an investment in US outfit Payoff.

Payments

Payments sector dominates booming fintech M&A activity

22 October 2014  |  3985 views  |  0

The value of fintech-related mergers and acquisitions hit $10 billion in the last three months, with deals involving payments firms dominating, data from investment bank Berkery Noyes shows.

Payments

Nordea to take EUR344 million IT charge as core platforms are upgraded

22 October 2014  |  11041 views  |  0

Nordea Bank is to take a EUR344 million impairment charge on its current IT systems as it embarks on a major project to rip and replace its core banking and payments platforms.

Retail banking

Android malware mutations on the rise

22 October 2014  |  3518 views  |  0

The incidence of mobile malware assaults by banking trojans may be overstated, but mutations in attack vectors are growing at an alarming rate, according to a report by Kaspersky Lab and Interpol.

Cards

Sign2Pay introduces signature-based mobile commerce payments

21 October 2014  |  3719 views  |  0

European startup Sign2Pay is hoping to crack the abandoned mobile commerce checkout conundrum with technology that lets customers complete purchases by signing their names on their phones' screens.

Payments

Staples investigates data breach; Moscow cleared of JPMorgan hack

21 October 2014  |  4232 views  |  1

Office supply retailer Staples has become the latest firm to reveal that it is investigating a possible data breach that could leave customer payment card details at risk.

Payments

Government rounds on Bank of England following Chaps breakdown

21 October 2014  |  10234 views  |  5

The Bank of England is coming under intense political pressure to provide a more detailed explanation of the ten-hour breakdown in the operation of the UK's high value payments system, Chaps, on Monday.

Start ups

Infocomm opens London office; invests in Startupbootcamp

21 October 2014  |  1840 views  |  0

Singapore's Infocomm Investments is looking to tap into London's booming fintech scene with the opening of a new office in the capital and an undisclosed investment in accelerator Startupbootcamp FinTech.

Retail banking

Apple Pay launches

20 October 2014  |  5280 views  |  1

Apple Pay enjoyed a relatively smooth launch in the US today, with customers of some of the country's biggest banks able to use their iPhones to make purchases at a host of bricks-and-mortar and virtual stores.

Security

Visa veterans raise $14.5m for bitcoin processing platform

20 October 2014  |  4218 views  |  0

Bitnet, a bitcoin payments processor targeting large merchants that was set up earlier this year by a gaggle of Visa and CyberSource veterans, has raised $14.5 million in a series a funding round led by Highland Capital Partners.

Retail banking

RBS preps P2P lending platform - FT

20 October 2014  |  4481 views  |  0

The Royal Bank of Scotland is set to begin piloting an online peer-to-peer lending platform for SMEs by the end of the year, according to the Financial Times.

Payments

UK's high value payment system Chaps goes down

20 October 2014  |  6115 views  |  5

The Bank of England was forced to suspend the UK's real-time gross settlement system Chaps for several hours on Monday while it investigated an unspecified technical glitch.

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