PayTech


New Bank Payment Obligation standards launched by Swift

Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions.  It provides the benefits of a letter of credit in an automated and secured environment, and […]

Visa Europe Amps up Mobile Payments Service (April 18, 2013)

Visa Europe is adding two new functions to its Personal Payments mobile money transfer service, enabling users to make instant transactions in any European currency. The multi-currency feature will be rolled out across the European Union by the end of this year, Visa Europe said, and will enable payments to be sent and received across […]

MCX Picks Gemalto to Build its Mobile Wallet (April 18, 2013)

The wheels are turning for U.S. merchant consortium MCX, which this week said Netherlands-based Gemalto will build its mobile wallet. MCX, founded last year by major merchants including Wal-Mart Stores Inc., Target Corp. and CVS, altogether counts about 30 merchants as members aiming to create a broad mobile payment app streamlining payment and loyalty options […]

Amazon Program Could Enable ‘Anonymous’ Online Payments (Apr. 18, 2013)

With privacy and security concerns among the most important factors for many online shoppers, a plan by electronic retail giant Amazon could enable consumers to make purchases from third parties without disclosing any personal information to the seller. According to a patent filed by Amazon in 2009 and published earlier this week, the system would […]

Alaric hires Jan Rees as account manager

Fraud and payments specialist Alaric has hired Jan Rees as account manager to look after customers across EMEA and the Americas. Rees has more than 20 years’ experience in the payments space, including roles at S1, Wincor Nixdorf, Level Four and Logica (now CGI). For the past year he has been working on a consultancy […]

New York City Pilot Adds Mobile Payment to Parking Spots (April 16, 2013)

New York City is the latest to launch a mobile payment pilot for its municipal parking operations, enabling motorists to use smartphones to locate and pay for available parking spots on streets and city-operated parking lots. The pilot harnesses technology from Vancouver-based PaybyPhone, which provides mobile payment services for parking operations in 180 cities around […]

Global Contactless Transit Push Continues in London, Beijing (April 16, 2013)

The global move toward cashless payments for mass transit continued this week, with news out of two major world cities. London soon could be banning cash payments on its iconic buses, according to the BBC, while Beijing’s subway has debuted a new payment system that uses sound waves to enable ticket purchases via smartphone. In […]

NBPCA White Paper Calls for Cooperation to Address AML Concerns (April 16, 2013)

A proposed plan by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to check prepaid card balances at the U.S. border to combat money laundering will not significantly help solve illegal cross-border funds transfers, according to a new white paper issued by the Network Branded Prepaid Card Association (NBPCA). Instead, the NBPCA said, the agency […]

Kuwait Airways Launches Prepaid MasterCard for Frequent Fliers (April 16, 2013)

Kuwait Airways aims to increase customer loyalty with a new prepaid MasterCard that provides members of its frequent-flier Al Waha Club with rewards for every purchase using the card. The Baitok-Waha Club card, offered in collaboration with a local bank, Kuwait Finance House, enables cardholders to earn two free miles for every domestic purchase and […]

Regulate to innovate?

Bankers can seem a little bit schizophrenic when it comes to regulation – much of the time they complain about the sheer weight of the regulatory burden they face, but at other times they talk of regulation as an opportunity. It could well be that as they have finally realised regulation – and plenty of it – is inevitable, some banks have decided to make a virtue out of it.

Lawmakers Renew Push to Further Restrict Overdraft, Call for Prepaid Study (April 15, 2013)

Concerned about reports that suggest checking account overdraft fees are on the rise again despite regulatory efforts to curb them, a group of lawmakers led by U.S. Rep. Carolyn Maloney (D-N.Y.) recently re-introduced a bill to further restrict bank overdraft fees and launch an investigation into prepaid card overdraft protection programs. The Overdraft Protection Act […]

MasterCard Offers Free Service to Block Fraudulent EMV Transactions at ATMs (April 15, 2013)

Another concern about the U.S. migration to EMV was alleviated last week when MasterCard Worldwide announced a solution for ATM operators facing a liability shift this week for fraudulent transactions at ATMs from Maestro cards issued abroad. MasterCard alone has a global chip liability shift for non-U.S.-issued Maestro cards that goes into effect April 19, […]

UnionPay, Intel Team Up on Mobile Payments (April 15, 2013)

China may be one step closer to becoming the one of the largest NFC payments markets. Shanghai-based payment card network China UnionPay (CUP) has tapped tech giant Intel to provide mobile payment services. Under the collaboration, announced last week at the Intel Developer Forum in Beijing, CUP will use Intel’s identity protection technology for its […]

Vodafone, China Mobile Look to Bring M-PESA to Myanmar (April 15, 2013)

The M-Pesa mobile money transfer service could be coming to Myanmar, thanks to a joint bid by Vodafone and China Mobile. The companies are among 12 groups being considered by the Myanmar government for one of two licenses to operate a mobile network in the Southeast Asian nation, according to a report in the Financial […]

US banks Heritage and Central Valley adopt Fiserv tools

US banks Heritage Bank and Central Valley Bank have adopted an account processing tool called DNA from financial technology provider Fiserv. Parent company Heritage Financial says the platform’s flexibility will help the banks grow.

Spain: the next generation of payment technology?

The world is embracing digital technology in every area of economic and social activity, including those that appeared impossible to convert to a digital format completely, such as payments.

The limits of the mobile revolution

Senior financial executives have clashed over the extent to which mobile payments technology has failed to reach its potential – and the best way to fix it.

Mobile opportunities for banks

The emergence of alternative payments providers such as PayPal and the growth of mobile payments systems such as M-Pesa should be seen as a major opportunity for banks, not a threat, according to Ron van Wezel, global head of emerging payment streams at Deutsche Bank.