Mexico And Amazon Reportedly Collaborating On Mobile Payments System

PYMNTS

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.

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Peru Taps Vocalink In Payments System Overhaul

PYMNTS

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.

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EU Blockchain Forum Recommends Digital Identity Systems

PYMNTS

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.

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Google Erred In Not Disclosing Microphone In Nest Security System

PYMNTS

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.

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Lawmakers Mull Overhaul Of Student Debt System

PYMNTS

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.

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Why Banks’ Immune Systems Need Both AI And Human Boosts

PYMNTS

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?

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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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How Inefficient B2B Payments Systems Hobble Business Growth

PYMNTS

Business confidence remains strong in the U.S., riding on the optimism of a strengthening economy that brings new opportunity for revenue growth.

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India’s FSS Backs Ecentric Payment Systems; Vista Group Taps Temenos For Digital Transformation

PYMNTS

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

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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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HSBC To Launch AML System With Google Cloud

PYMNTS

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.

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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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UK Tries Another Late Payments Tactic With Stoplight System

PYMNTS

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.

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Cubic Expands Contactless Payment System To Sydney Trains

PYMNTS

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.

Amazon Goes After Employees Helping Merchants Game The System

PYMNTS

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.

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UK Lawmakers, Regulators Call For Overhaul Of Cash System

PYMNTS

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.

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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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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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How Will Blockchain Transform the Education System?

Dataconomy

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.

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Roche Bros. Partners With Toshiba On POS Systems

PYMNTS

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.

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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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CoralPay Rolls Out USSD System; LeoVegas Adds Swish Support

PYMNTS

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.

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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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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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Public transit systems look to drive down costs, boost ridership with contactless fares

Mobile Payments Today

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

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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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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Shape the Future of Financial Services: Modernize Information Systems

Bank Innovation

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.

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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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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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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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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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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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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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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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What cost a system outage?

Chris Skinner

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

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Through New Oracle Partnership, Baton Systems is Bringing the Cloud, APIs, DLT to Banks

Bank Innovation

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.

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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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’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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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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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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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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