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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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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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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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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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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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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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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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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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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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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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.

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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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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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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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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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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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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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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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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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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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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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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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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Leavitt Partners, Facing Addiction, Remedy Partners Announce New Payment System

PYMNTS

In this report, an urgent call to action for mainstream health systems to begin integration of substance use health services was afforded an entire chapter, and the industry leaders in this Alliance have responded in unprecedented fashion to that call.”. Treating substance use is tough enough, but without a thoughtful economic system in place, it is going to be very slow going,” said David Shulkin, MD, Former Secretary, U.S.

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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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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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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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Smart Bedroom Storage Ideas System

BYM Agency

Learning to create extra spaces where to store the accessories, is to realize that they deserve a bedroom storage ideas system made to measure. The post Smart Bedroom Storage Ideas System appeared first on Montserrat Home Design.

How Vending Systems Can Prevent Thefts And Drive Conversions

PYMNTS

But digital vending systems can provide an alternate way to prevent theft, without discouraging customers from making purchases. CompuCom ’s point-of-purchase digital vending machines have in-aisle vending systems, so customers don’t have to call for staff. The system, which was developed by a division of Office Depot, dispenses purchased products in seconds.

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Startup Roundup: Finding Connections Between New And Existing Payment Systems

PYMNTS

This month, startups such as Modo took on relationships between banking systems and emerging payment systems. For decades, banks have been honing their systems to seamlessly manage payments while also handling titanic amounts of volume – but they face a challenge when it comes to working with emerging forms of payments. “It’s It’s hard to get those systems now to interact with things that are very different,” Modo CEO Bruce Parker told PYMNTS.

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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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Health Services Firm higi Scoops Up $21.3 Million For Modern Healthcare Systems

PYMNTS

This is an exciting time for our company to grow with our healthcare customers, and to help healthcare systems improve consumer engagement, close gaps in care, lower costs and ultimately improve outcomes.”. Healthcare funding fundraising healthcare systems higi investments investors medical care medical data News Venture Capital

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Systems drive trading agenda

Bobs Guide

Some vendors and brokerage firms claim to provide the best trading systems with diverse functions to assist traders, making it incredibly difficult for those aiming to make a purchase. However, several trading systems stand out of the crowd for their agility and adaptability.

Bank Of England Opens Settlement System To Blockchain

PYMNTS

England’s central bank is taking a significant step in support of blockchain technology with a decision to open its real-time gross settlement (RTGS) system to distributed ledger networks. Reports in Cointelegraph said the Bank of England (BofE) will rebuild the RTGS system to be able to interface with other platforms created on blockchain technology. According to the publication, the Bank of England first proposed a proof-of-concept (PoC) to open its RTGS system in May 2017.

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Bank Of England COO Joins New Payment System Operator

PYMNTS

s New Payment System Operator (NPSO). The Payment System Operator Delivery Group is closing to hand down operation of the nation’s payment systems to the New Payment System Operator in an effort to streamline the payment ecosystem. The NPSO will consolidate the nation’s various payment schemes and lead the rollout of the New Payments Architecture, an initiative outlined by the Payment Systems Regulator’s Payments Strategy Forum.

BAE Systems Displays Wearable For The Military

PYMNTS

A new wearable is about to be produced by BAE Systems, according to a press release. The BAE Systems’ Broadsword Spine integrates network technology in a wearable for the military and emergency services. According to Paul Burke, director of defense information and technology at BAE Systems Military Air and Information: “Broadsword Spine will deliver a lightweight, cable-free and better alternative to existing systems.

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