What Hong Kong’s New Faster Payment System Means

PYMNTS

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.

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FICO To Debut New Credit Scoring System In 2019

PYMNTS

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.

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Europe Seeks Alternate Payment System To SWIFT

PYMNTS

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.

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Mitek Systems Rejects Offer From Elliott Management, ASG Technologies

PYMNTS

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

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Revamped UK Payment System Embraces Blockchain

PYMNTS

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

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TRENDING: Inside Hong Kong’s New Faster Payment System

PYMNTS

. 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.,

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Legacy vendors are more of an issue than legacy systems 

Chris Skinner

I often find myself in weird or frustrating situations that I don’t know how to break.

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Why banks fear core systems change

Chris Skinner

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.

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Hong Kong’s New Faster Payment System Marred By Fraud Claims

PYMNTS

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.”

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Credit Union Embraces Digital Lending System, Grows Indirect Lending to Become Wisconsin’s #2 Auto Lender

CU Direct

Read more » The post Credit Union Embraces Digital Lending System, Grows Indirect Lending to Become Wisconsin’s #2 Auto Lender appeared first on CU Direct Blog. Auto Lending Indirect Lending Lending Auto lending CUDL Platform digital lending system indirect lending

Nordstrom Transitions POS System To The Cloud

PYMNTS

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.

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The Treasury Management System, Unbundled

PYMNTS

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.

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Mastercard Launches Early Detection Fraud Fighting System

PYMNTS

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.

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Kalanick Joins City Storage Systems As CEO

PYMNTS

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

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Uber Revamps Driver Support System

PYMNTS

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.

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Walmart Looks Into Blockchain Electric Bill System

PYMNTS

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.

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UK’s New Payment Systems To Be Delivered By Year’s End

PYMNTS

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.

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Forget legacy systems; what about legacy vendors?

Chris Skinner

I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. Not gonna name names, but I’ve had a few really fun discussions with banks in … The post Forget legacy systems; what about legacy vendors? I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor?

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Bluefin Payment Systems Gets Two Patents

PYMNTS

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.

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Coinbase Acquires Distributed Systems To Work On Identity Solutions

PYMNTS

15) that it has acquired Distributed Systems, a company that has been working on decentralized identity solutions. In a blog post , the company said the Distributed Systems team is working with Coinbase to find new and innovative ways to validate and verify identities as cryptocurrency goes more mainstream. It noted that “decentralized identity systems represent a transformative shift in our relationship with technology.”.

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The complex impact of fintech and legacy systems on banking

Insights on Business

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.

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Analytical Flavor Systems Raises $4M To Further Develop AI Taste Platform

PYMNTS

Analytical Flavor Systems (AFS), the startup that uses artificial intelligence to predict good-tasting food, has raised $4 million in a round of venture funding.

Visa Upgrades Systems To Support 3D-Secure 2.0

PYMNTS

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.

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Is it Time to Upgrade Your Loan Origination System?

CU Direct

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

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Verint Systems Invests In Military-Grade Cybersecurity Firm NSO Group

PYMNTS

software company Verint Systems, Inc. At the time, an NSO spokesman said that NSO doesn’t operate its systems and requires customers to use them lawfully “for the prevention and investigation of crimes.”. Safety and Security Cybersecurity Cybersurveillance Investment military grade technology Nasdaq Stock Market News NSO Group Verint Systems What's Hotis looking to buy NSO Group, an Israeli company that sells military-grade technology, for around $1 billion.

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FSS Aadhaar Enabled Payment System

Mobile Payments Today

In emerging markets, the high costs of last mile services delivery functions as a barrier to building a widespread financial services network in peri-urban and rural areas

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Core systems should have built-in obsolescence

Chris Skinner

There is no need to build … The post Core systems should have built-in obsolescence appeared first on Chris Skinner's blog. Talking about moving from proprietary to open, from controlled to marketplace and from internal to external focus, another key change is the very nature of technology itself. It’s quite clear that a start-up today could launch with just a few thousand dollars, Amazon Web Services and a bright idea.

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China Appoints Reformer To Tackle Financial System

PYMNTS

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

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Waymo Connects Riders To Phoenix Transit Systems

PYMNTS

Waymo announced it is partnering with Valley Metro, the Phoenix, Arizona area’s regional public transportation authority, to explore mobility solutions using self-driving technology. Working together, we want to explore how self-driving vehicles could fill transportation and mobility gaps for riders across the Greater Phoenix area,” the company wrote in a blog post on Medium.

The European banking system is flat-lining

Chris Skinner

In the US, since the crisis, the six largest US banks now control nearly 70 per cent of all the assets in the US financial system, having increased around 40 per cent (against overall asset growth of only 8 per cent). A large banking system is not necessarily problematic.

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How the system crushes the poor

Chris Skinner

The reason for thinking this is that poverty and inclusion is yet another area, … The post How the system crushes the poor appeared first on Chris Skinner's blog.

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’Tis The Season … For POS System Attacks?

PYMNTS

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.

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Another Kmart Breach Strikes PoS Systems

PYMNTS

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.

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India’s Supreme Court Sustains Biometric ID System

PYMNTS

India’s Supreme Court has upheld the validity of the controversial biometric security identity system Aadhaar, but still put a stop to the government’s move to make it mandatory. The reason why we challenged (it) was because it went beyond the public distribution system, beyond protecting the marginalized, and tried to create a surveillance state,” Sibal said.

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Bitcoin Daily: IBM Discloses Blockchain-Based Science Log In Patent; Overstock CEO On Why Crypto Will Survive Financial Systems Collapse

PYMNTS

In other news, Overstock CEO Patrick Byrne believes the adoption of cryptocurrency will survive the collapse of the financial system, Cryptovest reported. When people start getting into it is when their own financial systems collapse.”

New UK Payment Systems CEO Named

PYMNTS

economy’s new payment system operator announced news on Wednesday (Sept. In a press release, the new payment system, which involves the consolidation of three payment schemes, said Horlock worked in the banking sector for more than 15 years and will take up his new role starting Oct. The payment systems in the U.K. As a single entity, the new payment system operator will build on the existing payment schemes for the benefit of the U.K. The U.K.

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Today In Data: Healthier Systems, Healthier People

PYMNTS

Healthcare is a massive market in the United States – the insurance industry alone is valued in the trillions of dollars.

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BBVA Merges Two Units And Debuts Selfie Payment System

PYMNTS

In line with BBVA’s efforts, the bank recently demonstrated a ‘selfie’ payment system based on facial recognition. Once the system recognizes their faces, it charges them for their purchases. The news comes months after BBVA executed its first cross-border payments using a system based on the software that supports bitcoin. That’s very relevant for our clients because they could begin streamlining their reconciliation systems.”.

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Mist Systems Makes Wireless For Smart Device Era

PYMNTS

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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Commander In Chief: Mitek Systems’ CEO Innovation Download

PYMNTS

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

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Nintendo Brings Back Popular Gaming System

PYMNTS

Bringing a popular classic gaming system back to market, Nintendo said that its NES Classic will be available for sale again this summer. This system and the #SNESClassic Edition system are expected to be available through the end of the year.”. Though the company had said that SNES would not be available after 2017, it was a surprise hit: The company said it sold more SNES systems on launch day than it did of NES systems throughout all of 2017.

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National Business Systems VP: For Some SMBs, It’s Still Wait-And-See On EMV

PYMNTS

In an interview with PYMNTS, National Business Systems VP David Riley noted a lack of awareness in the field for smaller firms across several verticals. Security & Fraud Credit Card Security EMV Featured News integrated payments national business systems News payments security POSAfter nearly three years, the transition to EMV in the United States still has its challenges.

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Hackers Target Marijuana Sales System

PYMNTS

According to reports in the BostonGlobe, it seems some cybercriminals have encouraged others to just say no to drugs by targeting the systems of MJ Freeway, a backend system that tracks sales and inventory and helps pot dispensaries keep their regulatory paperwork in order. Harsher, though, is trying to run a dispensary with the sales system down — as the state’s legal cannabis dealers have been operating without for a week.

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