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Established 1995
Tuesday 22 August 2017

LATEST NEWS

Contactless ‘to dominate PoS payments’ by 2022

More than half of global transactions at the point of sale (PoS) will be contactless within five years, predicts Juniper Research. The new study, PoS & MPoS Terminals: Vendor Strategies, Positioning & Market Forecasts 2017-2022, found that adoption in the US would rise sharply over the period, with contactless rising from less than two per cent of transactions this year to 34 per cent by 2022.

IVP ‘set for TransferWise investment’

Silicon Valley investment firm IVP, which has previously invested in Snapchat, Twitter and Netflix, is reportedly close to finalising a deal to buy a stake in UK digital payments app TransferWise. This is according to reports from Sky News, which claims that the deal will be worth tens of millions of pounds – likely to be in the region of $60 million. The latest investment will form part of a fundraising round from TransferWise.

HSBC and Capita sign mortgage software deal

HSBC has selected Capita to provide new mortgage software as the bank looks to further grow its broker distribution channels. HSBC has chosen Capita’s Omiga mortgage software, which will provide the bank with a single platform in an effort to drive greater automation by making it easier for brokers to transact with lenders, upload documents, and track details of mortgage applications and decisions.

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Australia strengthens money laundering laws

The Australian government has revealed plans to strengthen its anti-money laundering laws and regulate digital currencies, following a financial scandal involving the Commonwealth Bank of Australia. The new legislation brings digital currencies, such as the likes of Bitcoin, under the remit of Australia’s crime fighting agency Austrac, which initiated legal action against CBA for breaches of money laundering and terrorism financing laws earlier this month.

CIBC launches new digital banking platform

Canadian bank CIBC has ended a 20-year partnership with grocery retail operator Loblow Companies to launch a new digital banking brand for online and mobile customers. Named Simplii Financial, the new brand will replace the President’s Choice financial banking products on 1 November 2017. Clients can continue to use their bank accounts without interruption, and will keep the same account numbers, registered bill payments, preauthorised debits or automatic payroll deposits.

Barclays launches online business data tool

In what is believed to be an industry first, Barclays has announced the launch of a new online tool that helps businesses manage all their own data in one place. The bank has collaborated with a number of app providers to enable businesses to import their everyday business data and information provided by these apps into one dashboard within its online banking site.

KeyBank invests in FinTech provider Billtrust

US-based KeyBank has announced its strategic partnership with an equity investment in Billtrust, the latest in a series of partnerships with emerging FinTech providers. The partnership has seen the launch of the KeyTotal AR platform, which allows the bank’s corporate clients to improve operational efficiency during the invoice-to-cash process using electronic invoicing and payments in a cloud-based solution. Powered by Billtrust technology, the platform automates invoice delivery, payment and cash application.

Compliance
FStech talks to Tony Reid of HDS about the compliance issues facing financial institutions and FinTech firms
Data & regulation
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech

Singtel rolls out Singapore’s first e-Visa card

Singtel has partnered with Wirecard to complete the roll out of Singapore’s first Visa virtual card for Singtel’s mobile wallet Dash. Singtel Dash is currently Singapore’s most widely accepted all-in-one digital wallet. The mobile payments platform, which allows customers to shop, pay transport fares and remit money, is part of Singtel’s strategy to transform Southeast Asia’s biggest phone carrier into a leading communications technology company by investing into digital and cyber security businesses.

CashDash & Cardtronics launch cardless FX ATMs

CashDash, digital wallet technology provider, and ATM operator Cardtronics have announced the integration of cardless cash withdrawal technology and foreign exchange functionality at 1,000 Cashzone ATMs in London. Visitors to the capital will be able to buy foreign currency at reportedly attractive rates, at any time, from anywhere in the world. Once deposited in the Cash2Go e-wallet, funds can then be accessed by selecting a convenient Cashzone ATM in London where they will be able to withdraw their money in GBP free of charge, and without the use of a bank card.

Aussie FinTech Spriggy in $2.5m funding round

Australian pocket money startup Spriggy has announced the closure of a $2.5 million funding round. The funding will be used to help Spriggy, which already has over 35,000 users, expand its services in an effort to help more Australian families teach their kids about earning, saving and responsible spending in an increasingly digital world. The funding round was led by Alium Capital with additional investments from venture capital group Perle Ventures, and a number of high-net worth individuals. Former ING Direct Australia CEO Vaughn Richtor, and former Delivery Hero CTO, Scott Fletcher, will also join Spriggy in advisory roles to help guide the company into its next phase of growth.


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CROSS-BORDER PAYMENTS
Kerry Agiasotis of Western Union Business Solutions talks to FStech’s Michelle Stevens about the company's WU EDGE payments platform