INDUSTRY INSIGHTS YOUR PEERS ARE READING
After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. The Hong Kong Monetary Authority (HKMA) designed its long-awaited Faster Payment System (FPS) to ease frictions that RTGS couldn’t. MORE
Silicon Valley tech startup Mist Systems is pioneering smart wireless networking for the smart device era. Since its founding in 2014, Mist Systems has worked to bring its Mist Intelligent Wireless Cloud and Enterprise-Grade Access Points to corporations across multiple sectors including retail, hospitality, health care, education and more. Wireless isn’t new, but we’re in a new era of how consumers use it,” said Jeff Aaron, vice president of marketing at Mist Systems. “It’s MORE
I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog. MORE
La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems MORE
A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it. Payments System What's Hot MORE
Coverage includes the CoralPay Technology Limited GameTech rollout of a mobile payment and unstructured supplementary service data (USSD) system in an effort to serve Nigerian customers. Welcome to The Axis, your late look at payments news from around the world. MORE
As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach. MORE
Mitek Systems , the financial technology provider to banks, is pushing back from a takeover offer from Elliott Management , the hedge fund and ASG Technologies , the software company. Partnerships / Acquisitions ASG Technologies Elliott Management M&A Mitek Systems News What's Hot MORE
While some retailers may plan to partner with technology vendors to help benefit various facets of their physical stores, there’s a growing need to transform retail point-of-sale (POS) systems to compete with the eCommerce arena. It announced this week the decision to move its POS system to the cloud via a partnership with Infor. It will connect its back-office systems with commerce platforms that help analyze various pieces of data to help boost overall company performance. MORE
The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a mandate handed down by regulators. According to a press release, the appointment of Melanie Johnson as its first chair has seen continuing work to deliver the New Payment Systems Operator (NPSO) by the end of 2017. s financial system. MORE
Google admitted that it didn’t tell users about a built-in microphone in its Nest Secure home security system, according to a report from Reuters. Nest Secure, a user-friendly home security system, costs around $400. MORE
HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. The system cross-references customer actions and flags unusual activity for review. MORE
According to a report in The New York Times , which cited the Chinese commercial news media, Guo, who has a reputation as an economic reformer, will be tasked with fixing China’s debt-ridden banking system. The NYT noted his appointment is a signal that the country, which has the second largest economy in the world, is serious about overhauling the financial system. Bank Regulation china China Banking Regulatory Commission economy financial system What's Hot MORE
and India for accessing internal data that was used by merchants to move their products higher in the ranking system. Amazon is cracking down on seller scams and has fired employees in the U.S. and India as a result. MORE
Coverage includes India ’s Financial Software and Systems (FSS) investment in South African payment processor Ecentric Payment Systems. India’s Financial Software and Systems (FSS) is backing South African payment processor Ecentric Payment Systems with a strategic investment, The Economic Times reported. Global Payments Banking Software Ecentric Payment Systems FSS News payment processor PayRight temenos Vista Group MORE
But how will this system help administrators and students? The post How Will Blockchain Transform the Education System? Smart classrooms aren’t too far off, and blockchain technology may become an integral part of schools all over the globe in a few years. MORE
As part of the upgrade, Visa said it was enhancing its systems to support 3-D Secure 2.0, Visa said it will keep in place current rules for merchant-attempted transactions using 3-D Secure until the beginning of April 2019 to give merchants and issuers time to pilot and test the system. MORE
In an effort that could lead to greater efficiency and lower prices, Walmart is looking into a system that would let households manage their electricity bills through cryptocurrency. With the system, users may pay a capped amount of cryptocurrency up front, ahead of the expected electric demand of certain devices. Beyond vendor payments, the Walmart team described a digital shopping system that also uses the blockchain to encrypt payment data. MORE
called for an overhaul of the cash system in the country to avoid people from being completely shut out. The national system for people to have access to their cash via machines is basically broken,” said Nicky Morgan, chair of Parliament’s Treasury Select Committee, according to Reuters. MORE
In an attempt to retain its drivers and recruit new ones, Uber is revamping its driver support system. Ridesharing driver support system Drivers mobile app News tipping Uber What's HotAccording to news from Recode , the move comes after the company has received a slew of bad press, which included a video of then-CEO Travis Kalanick berating an Uber driver. MORE
To help attain financial independence, Europe has reportedly been working on a money transfer system. We are studying proposals for payment channels and systems, more independent from SWIFT , and for creating a European monetary fund.”. Beyond the money transfer system, Maas unveiled a new foreign policy strategy. “It’s The news comes as SWIFT, as an organization, bills itself as a neutral player in the global economic system. MORE
Cubic Corporation announced Monday (November 26) that its Cubic Transportation Systems unit and Transport for New South Wales will expand the contactless payment system to cover Sydney’s train network. MORE
Bluefin Payment Systems, the provider of PCI-validated point-to-point encryption (P2PE) solutions for retail, health care and higher education, announced Tuesday (Jan. In a press release, Bluefin Payment Systems said the patents cover the systems and methods for decryption as a service via a message queuing protocol and systems and methods for decryption as a service (DaaS) via configuration of read only databases. MORE
News Retail breach Cybersecurity hack hacker Kmart MPOS point of sale POS systems Sears shopping What's HotKmart has been having a rough time. Over the years, the retailer has seen its ups and downs, and late last year we reported the big box retailer closed 68 of its stores across the U.S. For the second time in the past few years, there has been a new malware-based security breach occurring directly from Kmart’s point-of-sale devices. MORE
The reality for many financial services organizations is that modernizing information systems is a project that is often desperately needed but never at the top of the priority list. MORE
the release noted, and the real-time mobile transfer systems in Singapore and Thailand. Separately, a number of retailers, among them giants Target and Walmart, have requested that the Federal Reserve create a real-time interbank settlement system. MORE
SMEs rarely have the funds to invest in sophisticated treasury management systems (TMS), says TreasuryXpress CEO Anis Rahal, part of that is because the TMSs available are hefty, chock-full of tools that not every company actually needs and force a business to spend time and resources on implementation efforts. you have thousands of companies with revenue of about $50,000 — only 10 percent are using treasury management systems,” the executive said. MORE
In this week’s Commander in Chief series, PYMNTS talks with mobile capture and identity verification company Mitek Systems ’ CEO James DeBello about what moves the ball for the mobile industry. CEO Series AML artificial intelligence biometrics CEO SERIES Commander in Chief compliance Featured News fraud identity verification Innovation IoT James DeBello KYC machine learning Mitek Systems mobile Mobile Payments News payments regulations Security Smartphones tech industry Technology MORE
A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Not only has it been highly … The post What cost a system outage? Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. appeared first on Chris Skinner's blog. Case Studies Grid Opinion MORE
Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. FICO said about seven million applicants who have low credit scores due to limited borrowing histories will probably see their scores improve under the new system. MORE
is launching a traffic-light warning system to spotlight large companies that fail to pay their suppliers on time. The U.K. The Sunday Times reported that the plan will be revealed this week by the nation’s Small Business (SMB) Commissioner Paul Uppal. MORE
Toshiba Global Commerce Solutions has announced that it will be integrating its TCx 300 point-of-sale (POS) systems at all of the Massachusetts locations for grocery store chain Roche Bros. MORE
Hong Kong’s Faster Payments System (FSP) has only been live for a few weeks, but already it’s facing claims regarding allegations of fraudulent use. At the time, HSBC Hong Kong CEO Diana Cesar said the system supports faster transactions that can be made “anytime, anywhere, and contributes to the efficiency of businesses by making real-time settlements possible.” MORE
Travis Kalanick, the ex-Uber chief executive, has found a new job leading City Storage Systems, a startup that repurposes distressed real estates such as parking lots and strip malls. In addition to focusing on repurposing real estate assets in the food delivery and retail areas, Kalanick said City Storage Systems would work with the parking and industrial assets as well. Startups City Storage Systems News real estate startups Travis Kalanick Uber What's Hot MORE
Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking. MORE
EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help. MORE
. Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-time gross settlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S., MORE
This year, they have their eyes on the point-of-sale (POS) system prize. Carolyn Crandall, CMO of Attivo Networks , joined this week’s Hacker Tracker to share the vulnerabilities impacting POS systems and discuss whether massive data breaches are on the horizon in the months ahead. It’s the most wonderful time of the year… especially if you’re a hacker. MORE
In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported. MORE
A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. Alexander said the regulation would not only simplify the student loan system, but protect borrowers. MORE
How HSBC Uses AI & Human Insights To Boost Banking’s Immune System. Yet, what good are AI-powered insights if banking systems do not know how to respond? MORE
Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership MORE
The Mexican central bank and Amazon are in talks to introduce a government-approved mobile payment system, according to reports. The system would involve users paying for online purchases using QR codes, and it would be the first time Amazon offered the technology in the country. MORE
System Related Topics 
PYMNTS
MARCH 5, 2019
The Mexican central bank and Amazon are in talks to introduce a government-approved mobile payment system, according to reports. The system would involve users paying for online purchases using QR codes, and it would be the first time Amazon offered the technology in the country.
PYMNTS
DECEMBER 13, 2018
the release noted, and the real-time mobile transfer systems in Singapore and Thailand. Separately, a number of retailers, among them giants Target and Walmart, have requested that the Federal Reserve create a real-time interbank settlement system.
PYMNTS
DECEMBER 7, 2018
In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported.
PYMNTS
FEBRUARY 20, 2019
Google admitted that it didn’t tell users about a built-in microphone in its Nest Secure home security system, according to a report from Reuters. Nest Secure, a user-friendly home security system, costs around $400.
PYMNTS
FEBRUARY 14, 2019
A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. Alexander said the regulation would not only simplify the student loan system, but protect borrowers.
PYMNTS
JANUARY 31, 2019
How HSBC Uses AI & Human Insights To Boost Banking’s Immune System. Yet, what good are AI-powered insights if banking systems do not know how to respond?
PYMNTS
NOVEMBER 7, 2018
After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. The Hong Kong Monetary Authority (HKMA) designed its long-awaited Faster Payment System (FPS) to ease frictions that RTGS couldn’t.
PYMNTS
JANUARY 21, 2019
Business confidence remains strong in the U.S., riding on the optimism of a strengthening economy that brings new opportunity for revenue growth.
PYMNTS
MARCH 11, 2019
Coverage includes India ’s Financial Software and Systems (FSS) investment in South African payment processor Ecentric Payment Systems. India’s Financial Software and Systems (FSS) is backing South African payment processor Ecentric Payment Systems with a strategic investment, The Economic Times reported. Global Payments Banking Software Ecentric Payment Systems FSS News payment processor PayRight temenos Vista Group
PYMNTS
OCTOBER 22, 2018
Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. FICO said about seven million applicants who have low credit scores due to limited borrowing histories will probably see their scores improve under the new system.
PYMNTS
NOVEMBER 30, 2018
HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. The system cross-references customer actions and flags unusual activity for review.
PYMNTS
OCTOBER 11, 2018
Mitek Systems , the financial technology provider to banks, is pushing back from a takeover offer from Elliott Management , the hedge fund and ASG Technologies , the software company. Partnerships / Acquisitions ASG Technologies Elliott Management M&A Mitek Systems News What's Hot
PYMNTS
JULY 24, 2018
A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it. Payments System What's Hot
PYMNTS
JANUARY 7, 2019
is launching a traffic-light warning system to spotlight large companies that fail to pay their suppliers on time. The U.K. The Sunday Times reported that the plan will be revealed this week by the nation’s Small Business (SMB) Commissioner Paul Uppal.
PYMNTS
NOVEMBER 26, 2018
Cubic Corporation announced Monday (November 26) that its Cubic Transportation Systems unit and Transport for New South Wales will expand the contactless payment system to cover Sydney’s train network.
PYMNTS
DECEMBER 10, 2018
and India for accessing internal data that was used by merchants to move their products higher in the ranking system. Amazon is cracking down on seller scams and has fired employees in the U.S. and India as a result.
PYMNTS
FEBRUARY 12, 2019
called for an overhaul of the cash system in the country to avoid people from being completely shut out. The national system for people to have access to their cash via machines is basically broken,” said Nicky Morgan, chair of Parliament’s Treasury Select Committee, according to Reuters.
PYMNTS
SEPTEMBER 19, 2016
SMEs rarely have the funds to invest in sophisticated treasury management systems (TMS), says TreasuryXpress CEO Anis Rahal, part of that is because the TMSs available are hefty, chock-full of tools that not every company actually needs and force a business to spend time and resources on implementation efforts. you have thousands of companies with revenue of about $50,000 — only 10 percent are using treasury management systems,” the executive said.
PYMNTS
MARCH 21, 2017
While some retailers may plan to partner with technology vendors to help benefit various facets of their physical stores, there’s a growing need to transform retail point-of-sale (POS) systems to compete with the eCommerce arena. It announced this week the decision to move its POS system to the cloud via a partnership with Infor. It will connect its back-office systems with commerce platforms that help analyze various pieces of data to help boost overall company performance.
Dataconomy
JANUARY 31, 2019
But how will this system help administrators and students? The post How Will Blockchain Transform the Education System? Smart classrooms aren’t too far off, and blockchain technology may become an integral part of schools all over the globe in a few years.
PYMNTS
JANUARY 10, 2019
Toshiba Global Commerce Solutions has announced that it will be integrating its TCx 300 point-of-sale (POS) systems at all of the Massachusetts locations for grocery store chain Roche Bros.
PYMNTS
NOVEMBER 6, 2018
. Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-time gross settlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S.,
PYMNTS
JANUARY 3, 2019
Coverage includes the CoralPay Technology Limited GameTech rollout of a mobile payment and unstructured supplementary service data (USSD) system in an effort to serve Nigerian customers. Welcome to The Axis, your late look at payments news from around the world.
PYMNTS
JULY 26, 2017
In an attempt to retain its drivers and recruit new ones, Uber is revamping its driver support system. Ridesharing driver support system Drivers mobile app News tipping Uber What's HotAccording to news from Recode , the move comes after the company has received a slew of bad press, which included a video of then-CEO Travis Kalanick berating an Uber driver.
PYMNTS
JANUARY 10, 2017
Bluefin Payment Systems, the provider of PCI-validated point-to-point encryption (P2PE) solutions for retail, health care and higher education, announced Tuesday (Jan. In a press release, Bluefin Payment Systems said the patents cover the systems and methods for decryption as a service via a message queuing protocol and systems and methods for decryption as a service (DaaS) via configuration of read only databases.
Mobile Payments Today
DECEMBER 18, 2018
Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership
PYMNTS
SEPTEMBER 14, 2017
The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a mandate handed down by regulators. According to a press release, the appointment of Melanie Johnson as its first chair has seen continuing work to deliver the New Payment Systems Operator (NPSO) by the end of 2017. s financial system.
PYMNTS
OCTOBER 2, 2017
As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach.
Bank Innovation
JULY 30, 2018
The reality for many financial services organizations is that modernizing information systems is a project that is often desperately needed but never at the top of the priority list.
PYMNTS
MARCH 21, 2018
Travis Kalanick, the ex-Uber chief executive, has found a new job leading City Storage Systems, a startup that repurposes distressed real estates such as parking lots and strip malls. In addition to focusing on repurposing real estate assets in the food delivery and retail areas, Kalanick said City Storage Systems would work with the parking and industrial assets as well. Startups City Storage Systems News real estate startups Travis Kalanick Uber What's Hot
Insights on Business
DECEMBER 7, 2016
Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking.
CU Direct
JULY 19, 2017
La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems
PYMNTS
MAY 31, 2017
As part of the upgrade, Visa said it was enhancing its systems to support 3-D Secure 2.0, Visa said it will keep in place current rules for merchant-attempted transactions using 3-D Secure until the beginning of April 2019 to give merchants and issuers time to pilot and test the system.
PYMNTS
OCTOBER 26, 2018
Hong Kong’s Faster Payments System (FSP) has only been live for a few weeks, but already it’s facing claims regarding allegations of fraudulent use. At the time, HSBC Hong Kong CEO Diana Cesar said the system supports faster transactions that can be made “anytime, anywhere, and contributes to the efficiency of businesses by making real-time settlements possible.”
PYMNTS
FEBRUARY 27, 2017
According to a report in The New York Times , which cited the Chinese commercial news media, Guo, who has a reputation as an economic reformer, will be tasked with fixing China’s debt-ridden banking system. The NYT noted his appointment is a signal that the country, which has the second largest economy in the world, is serious about overhauling the financial system. Bank Regulation china China Banking Regulatory Commission economy financial system What's Hot
PYMNTS
JUNE 15, 2018
In an effort that could lead to greater efficiency and lower prices, Walmart is looking into a system that would let households manage their electricity bills through cryptocurrency. With the system, users may pay a capped amount of cryptocurrency up front, ahead of the expected electric demand of certain devices. Beyond vendor payments, the Walmart team described a digital shopping system that also uses the blockchain to encrypt payment data.
Chris Skinner
MAY 29, 2018
A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Not only has it been highly … The post What cost a system outage? Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. appeared first on Chris Skinner's blog. Case Studies Grid Opinion
Bank Innovation
MARCH 16, 2018
EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help.
Chris Skinner
JUNE 14, 2018
I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog.
PYMNTS
DECEMBER 16, 2016
This year, they have their eyes on the point-of-sale (POS) system prize. Carolyn Crandall, CMO of Attivo Networks , joined this week’s Hacker Tracker to share the vulnerabilities impacting POS systems and discuss whether massive data breaches are on the horizon in the months ahead. It’s the most wonderful time of the year… especially if you’re a hacker.
PYMNTS
JUNE 27, 2017
In this week’s Commander in Chief series, PYMNTS talks with mobile capture and identity verification company Mitek Systems ’ CEO James DeBello about what moves the ball for the mobile industry. CEO Series AML artificial intelligence biometrics CEO SERIES Commander in Chief compliance Featured News fraud identity verification Innovation IoT James DeBello KYC machine learning Mitek Systems mobile Mobile Payments News payments regulations Security Smartphones tech industry Technology
PYMNTS
JUNE 2, 2017
News Retail breach Cybersecurity hack hacker Kmart MPOS point of sale POS systems Sears shopping What's HotKmart has been having a rough time. Over the years, the retailer has seen its ups and downs, and late last year we reported the big box retailer closed 68 of its stores across the U.S. For the second time in the past few years, there has been a new malware-based security breach occurring directly from Kmart’s point-of-sale devices.
PYMNTS
DECEMBER 14, 2016
Silicon Valley tech startup Mist Systems is pioneering smart wireless networking for the smart device era. Since its founding in 2014, Mist Systems has worked to bring its Mist Intelligent Wireless Cloud and Enterprise-Grade Access Points to corporations across multiple sectors including retail, hospitality, health care, education and more. Wireless isn’t new, but we’re in a new era of how consumers use it,” said Jeff Aaron, vice president of marketing at Mist Systems. “It’s
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