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NatWest online banking crashes again

UK bank NatWest, part of the RBS group, has suffered another online banking crash which has affected thousands of users. The latest IT failure comes only six weeks after the bank suffered a crash that caused over 600,000 transactions and hundreds of thousands of pounds in payments to go missing. The bank’s IT team is trying to find the source… Continue reading >>

Global NFC handset sales drive payments cool factor

As the world mourns the loss of a former king of the handset manufacturing world and Microsoft licks its wounds in writing down about $7.6 billion on the Nokia division, there is reason for optimism and excitement elsewhere in the handset manufacturing industry and this spells excellent news for the payments industry. The good news is based around three small… Continue reading >>

Instant payments at POS – overcoming customer and merchant barriers

Over the past several years, instant payments have become an increasingly important part of the payments landscape. The Euro Retail Payments Board (ERPB), European Central Bank (ECB), European Payments Council (EPC) and several national organisations have recently made announcements addressing the implications and regulation of this new payment option, as well as the impact of its rise on the operations… Continue reading >>

CEE joint venture to provide merchant payment services

Erste Group Bank AG (Erste Group) has entered into an agreement with Global Payments to establish a joint venture providing merchant acquiring and payment processing services (merchant payment services) to retailers in the Czech Republic, Romania and Slovakia. Upon completion of the transaction and pending regulatory approvals, Erste Group will sell 51% of its merchant acquiring businesses in the three… Continue reading >>

Wind of Change for Card Acquirers – Challenges for the card acquirer service model

Obviously, the consolidation within the European acquiring industry market is underway. The country profiles of the Payment Cards Statistical Yearbooks provide the individual background of the card acquirers by country, including new challenges, joint ventures, investments and acquisitions. In 2014, Europe had a fragmented card acquirer market with more than 300 acquirers accepting cards at millions of POS terminals, on the… Continue reading >>

Innovation in payments initiatives

A global study of over 300 banking and financial services executives shows that, for the first time, innovation is ranked as important as regulation. The research also reveals that mobile first has now become mainstream, while innovative disruptive technologies such as block-chain will potentially become a very attractive alternative to traditional payment methods, transforming payment processing and acting as significant… Continue reading >>

First Data to IPO

First Data has taken its initial step towards a multibillion-dollar listing. First Data filed its paperwork for an IPO on Monday, but gave few details on the upcoming deal. The filing said it could raise $100m in the offering, but this was a place holder amount that is certain to change and no underwriters were listed. KKR will continue to control the company after… Continue reading >>

First bank deposit network for receipt of payments across 23 African nations

Transfast, a little known provider of online, cross-border p2p payments solutions, has announced the launch of its proprietary bank deposit network into 23 African nations – the most extensive of its kind on the continent. Transfast’s bank deposit network enables people in the US and Canada, and soon from the UK and EU, to send money online or via mobile,… Continue reading >>

BNP Paribas joins CHAPS Payment System

CHAPS Co. the UK’s same day high-value electronic payment system, has announced the addition of BNP Paribas as a Direct Participant onto its system.   As a Direct Participant, BNP Paribas can now directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party. Its customers will also benefit from enhanced payment security and… Continue reading >>

The millennials have arrived

The digital decade has re-shaped industries as far afield as healthcare and retail. By contrast, the financial services industry has remained relatively unaffected, until now. With a generation of ‘digital natives’ now coming of age however, what does this mean for the future of banking? And how should the world’s banks respond to the shifting expectations of the millennial generation? “The… Continue reading >>