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Sharp shift to mobile banking means malware prevention needs to become a key consideration

As retail banks restructure to align with the uptake in mobile banking, the issue of mobile application security and malware attack prevention now needs to be brought to the fore to protect consumers. According to the British Bankers’ Association (BBA), digital banking transactions are now worth almost £1 billion a day, with UK mobile and internet banking transactions now being… Continue reading >>

BBVA Compass opens payments platform to Dwolla

BBVA Compass has opened up its payments platform to Dwolla, enabling customers to make real-time payments through the Iowa startup’s payments network. The deal makes BBVA Compass the largest bank to partner with Dwolla and the only major bank to open its platform to such an extent to digital developers – reports Finextra. BBVA Compass chairman and CEO Manolo Sánchez, says:… Continue reading >>

UK regulator to explore blockchain technology

The UK’s Financial Conduct Authority is to explore the potential benefits of blockchain technology, which underpins bitcoin, for use in the wider financial services industry, according to the regulator’s chief executive. At the Financial News and WSJD inaugural Fintech Conference in London, Martin Wheatley also said the FCA is looking at the role regulation can play in the world of digital currencies. He… Continue reading >>

40% of US consumers have made a merchant mobile payment

40% of North American consumers have used their smartphones to make a mobile payment at a merchant location, according to an Accenture survey of 4,000 consumers in the US and Canada, up from 16% reported in a similar survey two years ago. Millennials and high-income consumers – household income of at least $150,000 – are the most avid adopters, with 52%… Continue reading >>

Beijing breaks payment card market monopoly

Visa and MasterCard have welcomed China’s plans to open up its market for clearing domestic payment card transactions, as they stand to gain access to a growing market worth more than $1 trillion a year. While China lags behind countries such as the USA in spending on credit, habits are changing fast and the Chinese are increasingly swiping plastic to satisfy their growing… Continue reading >>

MCX responds to Apple Pay exclusivity allegations

After several days of questions as to why the pharmacies Rite Aid and CVS blocked Apple pay in their stores after initially accepting it, executives from the Merchant Consumer Exchange (MCX), a group of retailers working on a rival to Apple Pay, finally spoke out. During a news conference, MCX CEO Dekkers Davidson rebuffed earlier reports from The New York Times in… Continue reading >>

ECB identifies 4 key payment systems as systematically important

The European Central Bank (ECB) has flexed its muscles in the payment systems oversight area for the first time through the exercise of new powers by identifying 4 payment systems that it feels are systematically important, which places them under stricter oversight standards than other payment systems, with sanctions and corrective measures for system operators in case of non-adherence. The four systems… Continue reading >>

70% of banks increasing innovation spend

Despite conflicting priorities and the economic downturn, banks around the world are still increasing their investments in innovation. These key findings are part of Innovation in Retail Banking 2014, the sixth annual study commissioned by Infosys and Efma. Financial institutions the world over are raising their innovation spend significantly in a desperate attempt to fend off the threat to their established… Continue reading >>

Fintech investment: Sell the story…And keep selling it

Much has been made of the boom in Europe’s financial technology sector in 2014. And, as our analysis of the publicly disclosed deals and investors in the fintech sector shows (see table), not all of it is hype. Europe, and in particular the UK’s ability to attract investment in start-up financial technology firms is a bright star in the region’s… Continue reading >> digital payment service continues to grow in Europe

Visa Europe says that is now in pilot with Member banks in Norway, Sweden, Italy and Germany, taking the number of markets live or in pilot across Europe to 9. Visa Europe confirms ING Direct (Italy), Landesbank Berlin (Germany) and BW-Bank (Germany) have all now made their first live transactions (supported by WorldPay as European acquirer) and will join leading… Continue reading >>