Payments

RenovITe acquires UK consulting firm Q-ATM

RenovITe Technologies, a California-based payments solutions provider that specialises in the “refreshment” of  legacy platforms to enable them to more effectively compete with new fintech players, has acquired a UK-based payments consulting company, Q-ATM. Jim Tomaney, formerly Managing Director at Q-ATM, will join the RenovITe executive team as chief operating officer. Tomaney’... »

PSD2 creates a cyber risk headache for banks

A report created by banking software specialist Temenos in cooperation with The Economist Intelligence Unit shows that banks are wary of the cyber risks associated with European Union’s Payments and Services Directive (PSD2). The directive, which will come into force in 2018, forces banks to open up their APIs to third parties so that information »

Paragon and RS Software partner to test digital payments

Paragon Application Systems, the North Carolina-based provider of testing services for financial firm, announced that it will partner with India’s RS Software, a company that develops technologies for digital payments. The partners say that they will work together to meet the growing demand for next-generation automated testing solutions in payments, as financial firms transition away »

Apple Gets Win Against Australia Banks Over Mobile Payments

Apple Gets Win Against Australia Banks Over Mobile Payments

The Australian Competition and Consumer Commission said on Tuesday in a draft ruling it was “not satisfied” that the likely benefits from allowing the banks to negotiate with Apple as a bloc outweighed the negatives. Allowing collective negotiations “could reduce competition between the banks in the supply of mobile payment services for iPhones,” the regulator »

Applause report ranks Chase mobile app top for payments and retail

Chase, the retail arm of JP Morgan Chase, tops the rankings published in a report on app quality in the financial services which was commissioned by the Application Resource Centre (ARC), a research group run by digital experience testing provider Applause. The report looks at the 61 largest US and Canadian banks, and 29 of »

Blockchain Hype Takes Hit as Chain Releases Code for All to Use

Chain, the San Francisco-based startup that’s working with Visa Inc. and has made a presentation on the benefits of blockchain to Federal Reserve Chair Janet Yellen, just released to the public the 30,000 lines of open-source code that make up its Core Developer Series. Software developers, engineers, traders and executives can now build and test »

ING bank card

ING to consolidate payments platforms

ING will be combining its payments systems applications onto one platform. Currently, the bank is running three different versions of the BASE24 (B24) payments application on HP Nonstop servers. B24 is an application for payments that was first developed by ACI Worldwide, a provider of electronic banking solutions, in the seventies. ING will consolidate its »

News round-up: RBS and Bank of America launch Blockchain projects

The RBS innovation engineering team has built an ethereum-based platform as a prototype for a national payments system. The project is called Emerald, and it is set up as a Deferred Net Settlement (DNS) system in order to explore the limitations of the technology. RBS said that it had modified the underlying Ethereum platform in »

Round-up: Regulatory and Company News

SWIFT criticises negligent banks in leaked email SWIFT, the interbank payments consortium, has warned banks that there have been successful cyber attacks on its members since the $81m February theft from the Bangladesh central bank. In a letter obtained by Reuters, SWIFT suggested that the attacks exploited lax security measures to send fraudulent transfer requests. »

New York Fed to set new expectations for IT risk management by banks

New York Fed to set new expectations for IT risk management by banks

The Federal Reserve Bank of New York is understood to be working on revised and more detailed guidelines for financial firms in their management of outsourced IT risk, for release later this year. It is understood that that the New York Fed believes that banks need to do additional work to ensure they have the right risk »

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