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Millennials: how banks can capitalize

Personal Financial Management (PFM) tools offering consumers budgeting tools and enhanced visibility into their spending behavior are becoming more widely available. And while not all customers are interested in these services, they appear to be gaining traction with the “Millennial” demographic: customers between the ages of 18 and 34, many of which are digitally-savvy and accustomed to having robust access… Continue reading >>

Visa Europe Collab international innovation hub

Visa Europe has announces the launch of Visa Europe Collab, its new international innovation hub. Working with a network of partners from across the digital and fintech ecosystem, Visa Europe Collab offers start-ups and technology entrepreneurs the insight, tools and connections to forge the technologies and services that will transform citizens’ interactions with payments. “Visa is in a unique position to… Continue reading >>

Deutsche Bank ramps up digital bank capabilities

Deutsche bank has announced plans to shutter 200 branches and invest an additional €1 billion over the next three-to-five years to create “a more digital bank”. As part of a massive cost-cutting programme, the giant German bank is shrinking its securities business and selling Postbank as it looks to deliver annual cost savings of €3.5 billion – according to Finextra…. Continue reading >>

Visa and MasterCard shares surge as China ends card monopoly

Shares in Visa Inc. and MasterCard Inc. climbed the most since October after China’s government indicated it plans to end a monopoly in bank-card clearing. Visa gained 4.1% to close at $68.01 in New York, the best performance in the Dow Jones Industrial Average. MasterCard advanced 3.9% to $91.20. Rules published Wednesday by China’s State Council, which take effect June… Continue reading >>

The changing landscape of real-time retail payments systems

A new research paper by SWIFT assesses the global real-time retail payments systems (RT-RPS) landscape, provides analysis on the key drivers and trends, and identifies the different approaches, barriers to entry and critical success factors. The paper, entitled ‘The Global Adoption of Real-Time Retail Payments Systems’ highlights two key interlinked themes; the variety of different adoption speeds and the relationship… Continue reading >>

Europeans favouring mobile payments

Around 185 million consumers in Europe are expected to use mobile payment apps over the next 12 months, according to an ING survey of more than 14,000 individuals around the world. The survey found that while 33% of Europeans with access to a mobile device such as a smart phone or tablet have already used a mobile payment app, this… Continue reading >>

BBVA Compass teams up with Dwolla for real-time payments

BBVA Compass customers is teaming up with the Dwolla digital currency platform to enable consumers to make real-time payments. BBVA Compass is bypassing the traditional routes and using Dwolla’s FiSync protocol, which enables the confirmation of good funds, secure authentication and real-time availability of money to and from the Dwolla network. Transactions over $10 will incur a flat fee of… Continue reading >>

CBA launches apps for Apple and Android wearables

Commonwealth Bank of Australia (CBA) has released new apps for Apple and Android wearables such as smart watches. CBA’s apps for Android and Apple smart watches will allow users to check their balance, find the nearest ATM and make cardlessATM cash withdrawals with the Cardless Cash function. With the launch of the apps and by offering cardless cash transactions at… Continue reading >>

Digital currency regulator should be global body

Regulation of the digital currency marketplace would need to be co-ordinated by a global body such as the Basle-based Bank for International Settlements, according to the Reserve Bank of Australia. The Reserve Bank stated in a response to the Australian Senate Economics References Committee Inquiry into digital currencies that “digital currencies represent an interesting development in the payments and financial… Continue reading >>

Microsoft gears up for HCE-based mobile payments

Tech giant Microsoft is planning a move into host card emulation (HCE) mobile payments by preparing for the regulatory approvals needed for the launch of such a service. Microsoft unveiled its mobile payments system for handsets running its new Windows 10 operating system last month. The system supports secure element-based payments along with HCE. Microsoft’s move into HCE payments will… Continue reading >>