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Carney launches review Chaps payment system outage

The Bank of England governor, Mark Carney, has launched an independent review into the worst disruption of Britain’s banking payment system, the Chaps payment system, in seven years. The BoE said part of its real-time gross settlement system (RTGS), which underpins large transfers between bank accounts, had been “paused”, after routine maintenance – reports the FT. The breakdown meant the Chaps payment system, which last year processed… Continue reading >>

Mobile Payment Index reveals Asia emerging as m-commerce powerhouse

Adyen has announced its latest global Mobile Payments Index, which covers the period of July through to September 2014. The Mobile Payments Index, which captures data from web-based transactions across Adyen’s customer base of more than 3,500 businesses, found that globally payments over mobile devices contributed 23.3% of total online payments for the quarter, up from 21.5% last quarter. Asia… Continue reading >>

The Clearing House prepares for real-time payments system

US bank-backed ACH, The Clearing House, has moved to develop a faster payments system as it begins the long process of replacing its antiquated current payments system. The Clearing House, a payments company and trade group representing 24 of the nation’s largest commercial banks, announced Wednesday plans to build a real-time payment system to be used by all of the country’s financial institutions. The effort… Continue reading >>

60% of Android attacks use financial malware

According to the results of the “Mobile Cyber Threats” survey issued by Kaspersky Lab and INTERPOL, malicious, financial malware, programs targeting Android-based devices in order to steal money were used in 60% of attempted attacks registered by Kaspersky Lab between August 2013 and July 2014. Cybercriminals frequently targeted Android users in Russia, but also in Ukraine, Spain,United Kingdom, Vietnam, Malaysia, Germany, India and France. In… Continue reading >>

Bango and Samsung in global mobile payment partnership

Bango has signed a global agreement with Samsung. The agreement means that hundreds of millions of consumers using Samsung devices will have access to frictionless mobile payment for digital goods – apps, music, games and more – charging the cost to their phone bill in one click. Bango will provide carrier billing, collection and settlement for digital content purchased through… Continue reading >>

Signature-based mobile commerce payments

Belgium-Dutch start-up Sign2Pay is hoping to help abandoned mobile commerce checkout problems with technology that lets customers complete purchases by signing their names on their phones’ screens. Sign2Pay lets customers with any touch-enabled mobile device pay for online orders at participating merchants by entering their bank account number and scrawling their signature. Money is directly debited from customer accounts. The… Continue reading >>

UK number one target for cyber attacks in Europe

The UK spends more on cyber defence than any other European state, and rightly so. New statistics have emerged showing that the UK suffered significantly more cyber attacks over the first half of 2014 than any other state across Europe, the Middle Eastern or Africa (EMEA). A report from US company FireEye said that the UK sustained 17% of all… Continue reading >>

The HCE tap is open – will NFC services flow?

I was prepared for Mobey Forum’s third annual Mobey Day event to be a lively affair. Bringing banks together with, amongst others, GSMA, chip manufacturers and mobile payment software providers to discuss the future of NFC (Near Field Communication) and HCE (Host Card Emulation) was always going to ignite debate. What I was less prepared for, however, was just how… Continue reading >>

Apple Pay launches

Apple’s new payment system, Apple Pay, rolls out at some retailers and promises more protection from hackers. With cybersecurity threats showing no sign of slowing down, perhaps it is time to reconsider the way we pay. Enter Apple Pay, the system that encrypts credit card data from retailers. Apple Pay is available on new iPhone 6 models with the iOS 8.1 update. The payment system… Continue reading >>

Royal Bank of Scotland enters P2P lending market

Royal Bank of Scotland is set to enter the peer-to-peer (P2P) lending market in the latest sign that alternative finance is gaining traction by moving into the mainstream. The high street bank is planning to pilot an online peer-to-peer platform before the end of the year in a tie-up with a third party operator – reports the FT. The move is part of… Continue reading >>