RBC is giving up the revenue it gets from its $1-per-transfer service by offering free Interac transfers from all personal checking accounts, in effect betting that the relationship it builds with customers will be more valuable than its fee income.
Five years ago, Dwolla took its ambitious approach to speeding up payments to financial institutions, viewing banks as a core audience in need of modernizing its aging infrastructure. But more recently, the company had to make a sharp course correction in its strategy.
After planting its roots firmly in data encryption and enterprise content management for Payment Card Industry security compliance, Hyland has turned its attention toward fraud detection.
Although complete migration to EMV is expected to take up to seven years, CNP (card-not-present) merchants will struggle with increased fraud as criminals shift online to more vulnerable remote payments.
Eager to appease EMV-weary stores, Sionic Mobile is finishing tests on a system that uses a three-digit code to execute payments via mobile devices.
As the European online marketplace Trouva plots a global expansion, it's getting an early validation of its decision to bolster mobile transaction performance and security through an open development platform.
Financial institutions that succeed in attracting more millennial users to bill pay are positioned for future success, and targeted outreach to this demographic could reap solid results.
Its rare to see much fanfare around the launch of a mobile banking app these days. But for the U.S. Treasury Department, this milestone signals its nearing the end of its long quest to modernize the delivery of federal benefitseven for consumers locked out of traditional banking systems.
Most of the largest banks are participating in industrywide blockchain standard-setting activities, trying to determine which use cases would improve upon existing technology. That's backward, says Chain, a startup whose product is already being used by banks. read more »