Latest Payments News: Finextra Research

Upaid seeks deposition of Satyam executives

Mobile payments firm Upaid has requested depositions from Satyam executives regarding last week's aborted attempt by Satyam to buy up companies related to its chairman, Ramalinga Raju. Upaid claims this was an attempt to siphon cash out of the business in advance of a US Federal Court jury trial scheduled for June 2009, in which Upaid is seeking up to $1 billion in damages for fraud, forgery and breach of contract by the Indian IT giant.

22 December 2008

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NatWest launches mobile remittance for Polish expats in the UK

NatWest, part of the Royal Bank of Scotland group, has become the first UK bank to launch a mobile phone based international money transfer service for UK customers. The service is initially being launched for the bank's Polish Welcome Account customers via a partnership with PKO Bank Polski. But the bank says it will look to extend the service to other countries.

22 December 2008

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Korean telcos and banks replace debit cards with mobile phones

South Korean newspaper Chosun Ilbo reports that telecom provider KTF is launching a service called UbiTouch. This will allow customers of 16 of Korea's domestic banks to register multiple accounts to a USIM chip and use the phone to withdraw money just by touching it to one of the 39,000 ATMs nationwide that bear the UbiTouch mark, and entering a password.

22 December 2008

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UK prepaid card vendor Tuxedo closes £17m funding round

UK prepaid card programme service provider Tuxedo Money Solutions has completed a significant funding round with all major shareholders participating.

22 December 2008

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Gemalto to buy NamITech South Africa

French smart card vendor Gemalto has agreed a deal to buy Allied Technologies' NamITech South Africa business as it looks to expand its presence in the region. Financial terms were not disclosed.

18 December 2008

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Co-op to issue Xiring card readers to online banking customers

Co-operative Financial Services has contracted with French vendor Xiring for the supply of 300,000 Chip and PIN authentication card readers which it will roll out to online banking customers.

18 December 2008

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Caja Madrid overhauls financial messaging with Sun Microsystems

Spanish savings bank Caja Madrid is overhauling its financial messaging strategy with Sun Microsystems' suite for Swift.

17 December 2008

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SIX Group to acquire 50% stake in Luxembourg processor Cetrel

Swiss financial infrastructure firm SIX Group has agreed to acquire a 50% stake in Luxembourg-based financial IT service provider Cetrel at the end of January 2009. The company says the deal is intended to build up a leading international offering in card-based payment traffic.

17 December 2008

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Shenzhen Development Bank signs for Yucheng e-banking technology

Shenzhen Development Bank (SDB) has selected a platform from local vendor Yucheng Technologies to revamp its online banking offering.

17 December 2008

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German card data sent to newspaper on microfilm

Microfilm containing the credit card details of tens of thousands of Germans has been anonymously sent in the post to the Frankfurter Rundschau newspaper.

17 December 2008

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Visa introduces SMS one-time passwords for online shopping

Visa has partnered with banks in China and Taiwan to introduce an SMS-based one-time password system for cardholders to authenticate themselves when making online purchases.

17 December 2008

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Fiserv to acquire regional bank processor i_Tech for $40 million

US Fintech vendor Fiserv is to acquire i_Tech Corporation, a provider of outsourced account and payment processing services, from First Interstate BancSystem for $40 million.

16 December 2008

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