21 August 2014

Latest News

Transaction banking

ECB fingers systemically important payment systems for oversight

2 hours ago  |  1013 views  |  0

The European Central Bank has named four key payment systems - Target2, Euro1, Step2-T and Core(Fr) - as "systemically important", and so subject to new regulations.

Cards

Google's Aussie chief rejects Wallet for 'more exciting' things

6 hours ago  |  1785 views  |  0

Google Wallet is not coming to Australia anytime soon, with the company's boss in the country declaring she has "more exciting" things to concentrate on.

Wholesale banking

RBS settles loan software copyright suit

6 hours ago  |  984 views  |  0

The Royal Bank of Scotland has reached a settlement that lets it use critical trade finance software from vendor Complex Systems that a US judge had banned it from over copyright infringement.

Payments

UPS becomes latest data breach victim

7 hours ago  |  1823 views  |  0

Package delivery giant UPS has become the latest company to admit that customer payment card details may be at risk after it discovered malware at 51 of its US stores.

Wholesale banking

Wells Fargo to invest in fintech startups through accelerator

20 August 2014  |  4846 views  |  0

Wells Fargo has become the latest bank to launch an accelerator programme, promising mentoring and hard cash to selected fintech startups.

Mobile & online

As Equity Bank preps rival, Safaricom slashes M-Pesa fees

20 August 2014  |  2196 views  |  0

Kenyan telco Safaricom is slashing its transaction fees for low value person-to-person payments made using its wildly popular M-Pesa mobile money service.

Retail banking

Credit Karma settles with FTC over app security failings

20 August 2014  |  1886 views  |  1

Credit and financial management service Credit Karma has been ordered to beef up its security after a US watchdog found that its mobile app left users' sensitive personal information vulnerable.

Retail banking

PayPal taps Venmo for one-touch in-app payments

20 August 2014  |  2599 views  |  0

PayPal has taken advantage of technology from its Braintree unit to build a system which lets mobile shoppers make in-app purchases with a single touch.

Retail banking

Square scores investment to extend cash advance service

19 August 2014  |  2962 views  |  0

Square is ramping up its small business financing programme after securing investment from Victory Park Capital.

Payments

UK banks introduces 'retry' system to tackle bounced payment fees

19 August 2014  |  3252 views  |  0

The UK banking industry has introduced a 'retry' process that will give customers a second chance to avoid bounced payments and their associated charges.

Wholesale banking

PwC fined $25m for whitewashing bank's sanctions violations

19 August 2014  |  2771 views  |  0

PricewaterhouseCoopers has been fined $25 million by New York State's financial watchdog after it sanitised a report for regulators into anti-money laundering at Bank of Tokyo-Mitsubishi UFJ (BTMU).

Wholesale banking

Deutsche Bank hires Goldman and RBS IT execs

19 August 2014  |  3323 views  |  0

Deutsche Bank has raided Goldman Sachs and Royal Bank of Scotland to bring in two senior technology and operations executives.

Wholesale banking

Finra charges Wedbush Securities with market access violations

18 August 2014  |  2027 views  |  0

Wall Street regulator Finra has charged brokerage Wedbush Securities with systemic market access violations and anti-money laundering and supervisory failures.

Retail banking

Liberty Reserve manager pleads guilty to money laundering

18 August 2014  |  2417 views  |  0

A manager at Liberty Reserve, a digital currency outfit described by authorities as the criminal underworld's "bank of choice", has pleaded guilty to money laundering charges.

Retail banking

BBVA unveils European startup contest finalists

18 August 2014  |  5558 views  |  0

Spanish bank BBVA has named the 20 finalists for the European leg of its startup competition, whittling down the chosen few from more than 400 entrants.

Retail banking

Braintree could soon accept bitcoin

15 August 2014  |  5388 views  |  0

EBay is preparing to integrate bitcoin into its Braintree payments service, according to the Wall Street Journal, giving the crypto-currency a firm nudge into the mainstream.

Payments

Square gets defensive about 'totally bogus' myths

15 August 2014  |  5027 views  |  0

With Amazon threatening to eat its lunch and rumours swirling about a lack of strategy and profits, Square has gone on the defensive with a blog post explaining why "myths" about Jack Dorsey's baby are "totally bogus".

Cards

Life.Sreda leads SumUp funding round

15 August 2014  |  3453 views  |  0

European mPOS contender SumUp has closed a "double digit million dollar" series c financing round led by Russian fintech venture capital fund Life.Sreda.

Payments

Payments Council names Barclays veteran Maurice Cleaves interim CEO

15 August 2014  |  4203 views  |  0

The UK Payments Council has brought in Barclays veteran Maurice Cleaves as interim CEO to guide the body as it prepares for a change of direction ahead of the introduction of a new payments regulator.

Retail banking

US supermarket chain Supervalu confirms network hit by 'criminal intrusion'

15 August 2014  |  4610 views  |  0

US supermarket chain Supervalu has become the latest retailer to admit that it has been hacked and that customer card data may have been stolen.

Retail banking

Heartland buys mPOS outfit Leaf

15 August 2014  |  3001 views  |  0

Payment processing giant Heartland Payment Systems has acquired Leaf, a Boston-based mPOS start-up with its own purpose-built tablet. Financial terms of the deal were not disclosed.

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