Technology

NFC Solutions Summit to be held in Texas in June

The 2014 NFC Solutions Summit will be held in Austin, Texas, in June—presented by the Smart Card Alliance in partnership with the NFC Forum—bringing together payment executives from across the industry. The summit will be held on June 3-4 at the Renaissance Arboretum Hotel and will include NFC topics related to the state of technology,... Read More...

Report: 18 percent of Americans report personal data breaches

Data recently released by the Pew Research Center showed more Americans have experienced personal data breaches, with the number rising from 11 percent in July 2013 to 18 percent in January. According to the survey, 21 percent of adults on the internet have experienced a security breach in email or social networking accounts—the number was... Read More...

OCC’s Curry warns of third-party security risks for financial institutions

Comptroller of the Currency Thomas Curry spoke on Wednesday on the growing threat of cyberattacks and concerns regarding financial institutions’ reliance on third parties to secure their own systems. “The fact is, we live in a world where consumers use their cellphones to deposit checks, pay bills over the internet and make purchases at... Read More...

SHAZAM, Visa announce agreement on EMV debit solution

The SHAZAM payment network and Visa announced an agreement on Wednesday to allow issuers to use the card company’s common EMV debit solution for Visa- and SHAZAM-branded cards and transactions. “This agreement reflects nearly two years of industry engagement,” SHAZAM CIO Terry Dooley said. “SHAZAM is proud to have acted as a driving... Read More...

NFC Forum releases tech specs for download

The NFC Forum launched on Wednesday a set of nine free technical specifications available for public download in an effort to bolster NFC products and services. The nine new specifications bring the total completed by the NFC Forum to 21. ABI Research, according to the NFC Forum, estimates that more than 500 NFC-enabled devices will reach the... Read More...

NRF to establish retail information-sharing platform to combat cybercrime

The National Retail Federation said on Monday it will establish a program to provide the retail community with information on cybersecurity threats identified in the financial services sector. The program, which will be developed in partnership with the Financial Services Information Sharing and Analysis Center, will set up an... Read More...

TSYS: Mobile wallet adoption lags without integration of personal ID

TSYS recently released a whitepaper discussing the future of mobile wallet adoption and acceptance among merchants, indicating that until mobile wallet developers can fully replace the physical wallet, adoption will likely be hindered. The study examined the mobile wallet market and the evolution of the mobile wallet to reveal consumer insights... Read More...

FFIEC: Firms need to address Heartbleed vulnerability

The Federal Financial Institutions Examination Council said on Thursday that it expects firms to address a recently revealed OpenSLL vulnerability dubbed "Heartbleed." FFIEC said that financial institutions should upgrade systems and incorporate patches on systems and services, applications, and appliances that use OpenSSL  as soon as... Read More...

FIS debuts GenNOW Financial Services

FIS, the world's largest provider of banking and payments technology, announced a new solution on Thursday that allows banks and credit unions to effectively compete with alternative financial services “One in four U.S. households conducts at least some financial transactions outside of the mainstream banking system,” Bruce Lowthers, the... Read More...

MasterCard grows European contactless footprint

MasterCard announced on Tuesday that it grew its European contactless footprint during 2013 to reach 34 countries, including seven new ones. MasterCard, which boasts contactless availability in 63 nations worldwide, added Azerbaijan, Finland, Ireland, Macedonia, Moldova, Montenegro and the Netherlands to its footprint in 2013. Additionally,... Read More...

Tripwire gifts cybersecurity service to Penn State

Leading global risk-based security and compliance management solutions provider Tripwire, Inc., announced the gift of a cloud-based risk and analytics cybersecurity service on Thursday to the Center for Cyber Security, Information Privacy and Trust at Penn State’s College of Information Sciences and Technology. Penn State has valued the... Read More...

Core Innovation Capital announces 2014 Core Innovators Challenge

Core Innovation Capital recently announced its 2014 Core Innovators Challenge for startups serving the emerging middle class. The 2014 challenge is based in Core's hometown of Los Angeles and will be the concluding event at "Emerge: The Forum on Consumer Financial Services Innovation." Core is seeking ideas or businesses that positively... Read More...

VeriFone announces new EMV-capable handheld payment terminal

VeriFone Systems, Inc., announced its first handheld EMV-capable payment terminal featuring Bluetooth, 3G radio and WiFi connectivity this week. The VX 690's connectivity allows for fast transactions and flexible payment capabilities, while its size, design and multiple connection capabilities meet the demands of mobile point of sale for... Read More...

ACCA USA, Pace University convene cybercrime symposium

ACCA USA, the U.S. arm of the Association of Chartered Certified Accountants, and Pace University convened the second annual cybercrime symposium and panel discussion on April 3. “As our world becomes more connected than ever before, the threat of cybercrime has become a reality for far too many businesses, governments and individuals,”... Read More...

NACHA launches Bill Payment Exception Mitigation Opt-in Program

NACHA, the Electronics Payments Association, announced the launch of a new opt-in program on Monday designed to mitigate the increasing volume of business bill payment exceptions originated to billers through online banking channels. The Bill Payment Exception Mitigation Opt-in Program's goal is to improve the reliability of online banking bill... Read More...

Visa Ready Program approves five VeriFone PAYware Mobile devices

The Visa Ready Program recently approved five VeriFone Systems, Inc., PAYWare Mobile EMV-enabled mobile point of sale devices. “Mobile point-of-sale technology is enabling merchants of all sizes to accept card payments, and helping to displace cash and check payments globally,” Bill Gajda, the senior vice president of innovation and... Read More...

Report: Mobile banking continues to gain traction

New research from data analyst Rocket Fuel recently revealed that mobile banking is continuing to gain traction with consumers and numerous opportunities for credit unions exist to capture significant market share. More than half - 59 percent - of 750 financial services consumers 18 or older who own at least one credit card and expressed an... Read More...

California Bank & Trust launches real-time mobile fraud alerts

Zions Bancorp subsidiary California Bank & Trust, one of the largest banks in the state, recently launched a new website that allows bank customers to receive real-time mobile fraud text alerts. The move follows last year’s online banking upgrade for DirectNET Consumer and Direct Business accounts and the introduction of an iPad... Read More...

Creditcall first payment gateway in U.S. to support EMV

Creditcall recently announced that it is the first payment gateway provider to support EMV in the U.S. ahead of the October 2015 migration deadline. “With EMV migration imminent in the U.S. it’s vital that companies have trusted, experienced partners they can work with to manage the change,” Creditcall CTO Jeremy Gumbley said. “We’ve... Read More...

Regulators warn banks, credit unions of ATM cyberattacks

Financial regulators warned financial institutions on Wednesday that cyberattackers have recently targeted ATMs and card networks to gain access to funds and urged banks and credit unions to review security protocols to address the growing risks. The Federal Financial Institutions Examination Council, which includes the OCC, Federal Reserve,... Read More...

First Data, STAR Network to use MasterCard’s U.S. debit EMV solution

First Data and MasterCard announced an agreement on Thursday that will allow First Data’s STAR payment network to use the card company’s common U.S. debit EMV solution. The agreement, which is part of an effort to facilitate and encourage the transition to EMV in the U.S., follows MasterCard’s decision in January to offer its technology... Read More...

Ciphrex launches bitcoin wallet with multisignature capabilities

Ciphrex, a California-based startup that provides enterprise-grade digital currency transaction processing software, recently launched BitCoin Vault, the first bitcoin wallet that supports multisignature account management. “Security is the primary consideration for financial transactions, so we’ve focused our efforts in making the use of... Read More...

NACHA releases lineup for PAYMENTS 3D tech expo at PAYMENTS 2014

NACHA—The Electronic Payments Association recently released the lineup for PAYMENTS 3D, an expo for payments innovators to showcase technologies and comments, which will be held next week during the PAYMENTS 2014 conference. PAYMENT 3D participants this year will include ACI Worldwide, Buy It Mobility Networks, CardinalCommerce Corp.,... Read More...

PAY.ON to launch North American subsidiary in New York

Payment processing solutions provider PAY.ON announced on Wednesday it plans to launch a subsidiary in New York to allow the company to more easily collaborate with clients and market its solutions. PAY.ON, based in Munich, Germany, has a global payment network of more than 350 payment providers in over 100 countries. Its latest move will... Read More...

ACI Worldwide announces 2014 Excellence Awards winners

ACI Worldwide, a provider of electronic payment and banking systems, announced on Tuesday the winners of its 2014 Excellence Awards, which recognize financial institutions, payment processors and retailers for innovative use of ACI solutions. Recipients were selected by a panel of judges comprised of ACI experts and analysts from CEB... Read More...

Russia announces plan to develop national payment system

Russian President Vladimir Putin announced last week a plan to establish a national payment system in an effort to reduce the country’s dependence on U.S.-based payment networks. The U.S. and European Union imposed economic sanctions against Russia last month after Russian troops moved into Crimea, which was recently annexed by Russia in... Read More...

FIS, NYCE to make Visa EMV debit solution available to network members

FIS, the largest provider of banking and payments technology in the world, and its NYCE Payments Network announced an agreement to make Visa’s EMV common debit solution available to network participants. The agreement is NYCE’s first formal EMV license. It will support NYCE’s business flexibilities, including portability between debit... Read More...

Wells Fargo accepts $1 billion in deposits through CEO Mobile

Wells Fargo, the first major U.S. bank to offer mobile services for its corporate and commercial customers, announced last week that businesses have deposited more than $1 billion through its CEO Mobile Deposit service. The CEO Mobile app allows customers to use their mobile devices to scan and deposit checks and money orders. “Businesses... Read More...

Square extends platform to simplify accounting for small businesses

Square launched its software partner platform on Monday that will simplify accounting for small businesses by automatically transmitting point-of-sale data to back-office accounting software. The launch extends Works with Square, a program launched earlier in the year to provide customers with more business tools, and expands the platform with... Read More...

Sen. McCaskill: Policymakers need to clarify costs of data breaches

Sen. Claire McCaskill (D-Mo.) said last week in a hearing to examine the Target data breach that policymakers need to address confusion surrounding the costs of data breaches and how losses are absorbed. McCaskill, a member of the Senate Commerce, Science and Transportation Committee, which held the hearing last Wednesday, said companies... Read More...

MasterCard partners with Monitise on mobile wallets

MasterCard announced last week a plan to partner with payment solutions provider Monitise to accelerate the development and implementation of mobile wallets and digital payment technology at financial institutions around the world. “For more than a decade, MasterCard has driven the development of mobile commerce—including the world’s... Read More...

Fed study finds use of mobile banking services increasing

A survey released by the Federal Reserve on Tuesday revealed the use of mobile banking services is on the rise, with increasing popularity among the underbanked. The report, which examined trends in the use of mobile financial services, showed that in December 2013, 33 percent of all mobile phone users and 51 percent of smartphone users had... Read More...

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