21 December 2014

Latest News

Security

Tech chief of cybercrime bank gets five year prison sentence

15 December 2014  |  3140 views  |  0

The former chief technology officer of Liberty Reserve has been sentenced to five years in prison for conspiring to operate an unlicensed money transmitting business - billed as the bank of choice for the cyber underground - that processed more than $16 billion in digital currency transactions.

Risk & regulation

DTCC/Swift top LEI rankings; overall industry coverage remains spotty

15 December 2014  |  4414 views  |  0

The DTCC and Swift have trumped 13 other Legal Entity Identifier (LEI) registration authorities in Q3 2014 rankings compiled by Tabb Group and Alacra for data consistency and uniformity.

Mobile & online

Lloyds to pilot mobile cheque deposits with business customers

12 December 2014  |  9234 views  |  1

Lloyds Bank is to begin testing mobile cheque deposits with a select group of commercial customers.

Payments

Payfone and US banks partner for mobile authentication

12 December 2014  |  5097 views  |  1

Mobile authentication startup Payfone is working with US financial institutions to introduce technology that utilises the same security standards applied by wireless operators to identify their customers as they log-in to m-banking apps.

Retail banking

AmEx creates Silicon Valley tech hub

12 December 2014  |  7244 views  |  1

American Express is opening a technology hub in Silicon Valley that will house a team building up the card giant's capabilities in big data, cloud computing and mobile.

Payments

Cheque usage declines sharply, but popularity remains intact

12 December 2014  |  4680 views  |  6

New technologies come and go, but the paper cheque remains a popular staple for UK consumers and businesses, according to new figures from the Cheque and Credit Clearing Company.

Cards

Charge Anywhere breach puts unencrypted card data at risk

11 December 2014  |  4377 views  |  0

US mobile payments outfit Charge Anywhere has admitted that malware has been lurking on its network for five years, putting unencrypted payment card data at risk.

Retail banking

Lending Club shares soar on market debut

11 December 2014  |  3829 views  |  0

Shares in Lending Club soared 55% to $23.23 in morning trading on the peer-to-peer loan specialist's market debut.

Start ups

Tech City UK's Future Fifty loads up on fintech startups

11 December 2014  |  3545 views  |  0

Six of London's new breed of financial technology companies have been accepted onto the UK government-backed Future Fifty programme, re-affirming the capital's position as a global hub for fintech startups.

Retail banking

Microsoft begins accepting bitcoin

11 December 2014  |  5053 views  |  1

Microsoft has begun accepting bitcoin as a payment option for apps, games, and other digital content from select Windows, Windows Phone, and Xbox platforms.

Mobile & online

Apple and IBM unveil apps for FS firms

11 December 2014  |  8384 views  |  0

Apple and IBM have unveiled their first wave of mobile applications aimed at enterprises, enlisting the backing of Citi for financial services-targeted efforts.

Retail banking

Insufficient data the greatest obstacle to better risk management - bank execs

11 December 2014  |  6115 views  |  0

Despite ever-growing volumes of data, just over half of banks still think that not having enough is the greatest obstacle to better risk management, according to a survey from the Economist Intelligence Unit.

Wholesale banking

New York regulator probes Wall Street cyber-security

10 December 2014  |  4379 views  |  1

Some of Wall Street's biggest banks will face tough new cyber-security assessments under plans from New York state's financial services watchdog.

Mobile & online

WorldPay to double US workforce on Atlanta relocation

10 December 2014  |  3996 views  |  0

London-based payments processor WorldPay is to spend $10 million to relocate its US headquarters and 617 employees to Atlanta, amid plans to double its American workforce over the next four years.

Retail banking

Square poaches Visa CMO to lead customer acquisition

10 December 2014  |  3111 views  |  0

Square has poached the chief marketing officer of Visa Inc., Kevin Burke, to head up 'customer acquisition' across the company's portfolio of payments products.

Mobile & online

Social trading network eToro secures $27 million funding round

10 December 2014  |  2930 views  |  0

Social investment network eToro has secured $27 million in new financing from venture capital funds associated with two of the world's largest financial services organisations, China's Ping An Insurance and Sberbank of Russia.

Start ups

BBVA acquires big data startup Madiva

10 December 2014  |  7917 views  |  1

BBVA has acquired Spanish big data and cloud computing startup Madiva Soluciones as part of its strategy to buy up companies that are developing new technologies and disruptive business models.

Wholesale banking

Banks must modernise IT systems for new regulatory regime - Deutsche Bundesbank exec

09 December 2014  |  5368 views  |  2

A senior executive at Deutsche Bundesbank has warned that banks will have to spend considerable sums on upgrading their IT systems if they are to cope with insatiable regulatory appetite for new data reporting standards.

Retail banking

Nacha sets out plans for same-day ACH

09 December 2014  |  3836 views  |  1

America's slow march towards faster payments has taken another step, with the Nacha setting out its plan to introduce same-day ACH clearing and settlement over the next few years.

Payments

Russia's National Payment System gears up for pilot

09 December 2014  |  4986 views  |  0

Several Russian banks, including some subject to Western sanctions, will next week begin testing the country's new card payments system, designed to take on Visa and MasterCard.

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