01 November 2014

Latest transaction banking news

Costa Rican credit union taps face recognition tech for m-banking authentication

20 hours ago  |  1906 views  |  0

Coopeservidores, one of the largest credit unions in Costa Rica, is adding facial recognition technology from FacePhi Biometrics to its mobile banking app.

Turkish digital wallet provider introduces Google Glass payments app

31 October 2014  |  2502 views  |  1

Turkey's Bankalararas─▒ Kart Merkezi (BKM) has developed a Google Glass app that lets users access their digital wallets and make payments through voice commands and QR codes.

Seedrs buys Junction Investments for US launch

31 October 2014  |  1199 views  |  0

Crowdfunding platform Seedrs has acquired California-based Junction Investments ahead of a US launch. Financial terms of the deal were not disclosed.

TIM Group scores £2m strategic debt financing from Barclays

31 October 2014  |  1135 views  |  0

TIM Group, the fintech outfit behind a software platform used by stock brokers to submit trade ideas to clients, has secured £2 million in strategic debt funding from Barclays.

November is card fraudsters' favourite month

31 October 2014  |  3739 views  |  1

As November approaches, data science company Feedzai is warning that the month is the fraudsters' favourite, when both card-present and card-not-present crime spike.

BBVA Compass opens backbone to Dwolla payments

30 October 2014  |  2565 views  |  0

BBVA Compass has opened up its technology platform to Dwolla, enabling customers to make real-time payments through the Iowa startup's payments network.

Digital-only Atom Bank seeking to raise £20 million

30 October 2014  |  3326 views  |  0

British digital banking startup Atom Bank is bidding to raise £20 million from private investors ahead of a planned launch next year, Sky News is reporting.

Millennials and high earners drive North American adoption of mobile money and digital currencies

30 October 2014  |  11348 views  |  0

A significant proportion of North Americans - 40% - have used their smartphones to make payments at merchant locations, up from just 16% two years ago, according to an Accenture survey.

Rwanda makes cashless push in bid to increase financial inclusion

30 October 2014  |  5420 views  |  1

Rwanda has joined the Better Than Cash Alliance to help accelerate the adoption of electronic payments in the country as part of a commitment to achieve 80% financial inclusion by 2017.

China to end UnionPay card clearing monopoly

29 October 2014  |  6029 views  |  1

China is finally preparing to put an end to China UnionPay's monopoly on clearing bank card transactions in a move that could open up a huge market to Visa and MasterCard.

Zuckerberg plays down Facebook payments ambitions

29 October 2014  |  3588 views  |  1

Facebook chief Mark Zuckerberg has played down the value of payments to the social network, saying that it will partner with card firms and PayPal rather than try to build its own system.

MCX confirms merchant exclusivity terms; reveals hack

29 October 2014  |  6806 views  |  5

MCX, the mobile payments joint venture set up by a coalition of some of the largest retailers in the US, has confirmed that members using the system will be contractually obliged to exclude alternative platforms provided by the likes of Apple and the telco-backed Softcard consortium. Meanwhile, the group has confirmed that pilot participant email addresses have been stolen by hackers.

Ex-Google Wallet chief looks to cash in on EMV migration with new POS terminal

29 October 2014  |  3518 views  |  1

Former Google Wallet boss Osama Bedier is bidding to take advantage of the "once in a lifetime" opportunity presented by America's move to EMV chip cards with a new take on the point-of-sale terminal.

UK watchdog to investigate blockchain potential

29 October 2014  |  3467 views  |  3

The Financial Conduct Authority is to investigate ways in which the technology underpinning bitcoin can be used elsewhere in the formal financial services industry.

Bank spend on innovation set to soar

29 October 2014  |  6438 views  |  2

Financial institutions the world over are raising their innovation spend significantly in a desperate attempt to fend off the threat to the established hegemony from technology companies, telcos, and emerging startups, according to fresh data from Efma.

Barclaycard launches contactless micro-donation initiative

29 October 2014  |  2351 views  |  0

Commuters using their contactless debit and credit cards to pay for fares on National Rail and the Transport for London network can now automatically donate up to ten pence to a charitable cause each time they tap in thanks to a new 'micro-donation' service launched by BarclayCard.

Translation cock-up sees ATM users offered 'free erections'

29 October 2014  |  3531 views  |  0

Every little helps: a cash machine outside a Tesco store in the Welsh town of Aberystwyth has been offering users "free erections".

Former SEC chairman Levitt becomes advisor to bitcoin firms

28 October 2014  |  3848 views  |  0

Former US Securities and Exchange Commission chairman Arthur Levitt is taking on advisory roles at bitcoin firms BitPay and Vaurum. He enters the cryptocurrency industry as it digests rulings from regulators that could see many companies classed as money transmitters.

Wells Fargo offers $20 to customers using Apple Pay; one million bank cards already loaded

28 October 2014  |  4869 views  |  0

Apple may be having trouble winning over retailers to its mobile payments platform but bank support shows no sign of waning as Wells Fargo offers $20 to customers who sign up for Apple Pay.

Eagle Alpha swoops on $1.2 million funding round

28 October 2014  |  1755 views  |  0

Eagle Alpha, a startup which scans online chatter to discern profitable trading patterns, has scored $1.2 million in funding from individual industry investors.

Lloyds commits £1 billion to digital amid massive job cuts and branch closures

28 October 2014  |  12265 views  |  0

Lloyds Banking Group has confirmed 9000 job losses and the closure of 150 branches alongside plans to pump an additional £1 billion into digital channels over the next three years.

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