21 October 2014

Latest News

Wholesale banking

Government rounds on Bank of England following Chaps breakdown

3 hours ago  |  1649 views  |  2

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.

Retail banking

Infocomm opens London office; invests in Startupbootcamp

4 hours ago  |  766 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.

Mobile & online

Apple Pay launches

20 hours ago  |  3845 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.

Retail banking

Visa veterans raise $14.5m for bitcoin processing platform

23 hours ago  |  2834 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  |  3176 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.

Wholesale banking

UK's high value payment system Chaps goes down

20 October 2014  |  5008 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.

Wholesale banking

Coinfloor to expand trading to wider range of currencies

20 October 2014  |  2011 views  |  0

London-based bitcoin exchange Coinfloor is to open up to new currencies, accepting deposits in US dollars, euros and Polish zloty, this Tuesday. Coinfloor is already the the biggest exchange for bitcoin-to-sterling transactions by volume of currency traded.

Payments

Westpac rolls out PayTag contactless stickers

20 October 2014  |  1905 views  |  0

Westpac NZ is to issue customers with NFC stickers that can be attached to phones for contactless payments of up to $80.

Payments

Obama signs chip and PIN executive order

17 October 2014  |  10563 views  |  8

US president Barack Obama has signed an executive order mandating the use of chip and PIN technology at executive departments and agencies for card payments.

Virtual currency

Crook dumps Target card details on Russian forum

17 October 2014  |  3561 views  |  0

A cyber-crook has uploaded the details of more than five million cards, many of them stolen during the data breach at US retailer Target, to a Russian carding site, says security firm Group-IB.

Retail banking

Half of US POS terminals to accept chip cards by end of 2015

17 October 2014  |  4647 views  |  2

Nearly half of US merchant terminals will accept EMV chip card payments by the end of next year, according to a trade body set up to push the migration from magstripe plastic.

Payments

iZettle to promote mPOS through pop-up store in Central London

17 October 2014  |  3619 views  |  1

Six small businesses are to be given the opportunity to conduct a day's trading from a branded store front in South Molton Street, Central London, with the only stipulation that all transactions are conducted using mPOS technology from Swedish vendor iZettle.

Payments

MasterCard looks to bust contactless transaction limits with fingerprint cards

17 October 2014  |  8346 views  |  5

MasterCard has partnered with Norwegian firm Zwipe to launch a contactless payment card with built-in fingerprint sensor.

Post-trade & ops

First Derivatives to take controlling interest in Kx Systems

17 October 2014  |  3352 views  |  0

First Derivatives has agreed a £36 million deal to acquire a further 46.47% stake in high performance database outfit Kx Systems, giving the firm a leg-up into the market for big data systems in capital markets and other vertical industries.

Mobile & online

Chicago transport system gets mobile ticketing app

17 October 2014  |  2909 views  |  0

From early next year Chicagoans will be able to pay for their bus and train journeys through a mobile ticketing app, although NFC m-payments will not be an option until 2016.

Security

Apple Pay to launch on Monday; banks rush to sign up

16 October 2014  |  7721 views  |  3

Apple Pay will launch in the US on Monday, enabling Americans to use their iPhones to make payments at the likes of Target, Uber, Groupon, and Starbucks.

Payments

EPC calls for candidates to join Sepa scheme management bodies

16 October 2014  |  2160 views  |  0

The European Payments Council (EPC) is calling for independent candidates to join a host of new bodies being set up to manage the Single euro payments area (Sepa) scheme.

Risk & regulation

DTCC to oversee US market shift to T+2

16 October 2014  |  3658 views  |  0

Within a week of European markets moving to a T+2 settlement cycle, the DTCC in the US has formed a steering committee and working group to oversee a similar shift for trades in equities, corporate and municipal bonds, and unit investment trusts (UITs).

Retail banking

Watch out banks, Alibaba is after your business

16 October 2014  |  6434 views  |  0

Chinese e-commerce giant Alibaba has folded six different businesses into a single business unit as part of a concerted push into the financial services industry.

Retail banking

CBA launches Innovation Lab

16 October 2014  |  2376 views  |  0

Commonwealth Bank of Australia has launched an Innovation Lab in the heart of Sydney's Central Business District with a view to developing cutting-edge products, and services in collaboration with customers, partners, start-ups and industry experts.

Retail banking

TD Bank slapped with $850,000 fine over 2012 data breach

16 October 2014  |  2289 views  |  0

TD Bank has agreed an $850,000 settlement with the Attorney General of New York over a data breach in 2012 that compromised the financial records of 260,000 customers nationwide.

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