News about Money transfer.
December 1st, 2016
A facial biometric authentication service for money transfers has been launched by Korea International Trade Association subsidiary Korea Trade Network (KTNET), in collaboration with biometrics provider Daon and the Korea Smart Authentication Corporation. “This jointly developed facial recognition service can be applied to most smartphones equipped with a selfie camera,” The Korea Herald reports. In addition to mobile apps, BioCA can also be applied to immigration checkpoints at airports, keyless automobiles and property entrances. The service is built on Daon’s IdentityX solution and will also support fingerprint and voice recognition.
November 21st, 2016
A project enabling mobile money transfers to take place at the point of sale in areas of less-developed countries with poor or no mobile network coverage has been unveiled, by removing the reliance on SMS…
November 17th, 2016
Singapore’s OCBC Bank says it has become the first bank in South East Asia to use blockchain technology in national and international payments. A pilot payment transaction took place on 8 November, involving a cross-border funds transfer between OCBC Bank and OCBC Malaysia, and a local funds transfer between OCBC Bank and Bank of Singapore. “This is a milestone not only for us but for Singapore as Asia’s financial hub as we pave the way to revolutionising the traditional cross-border payments model,” says Praveen Raina from OCBC Bank.
November 16th, 2016
Global consultancy firm PwC has joined forces with US blockchain technology outfit Bloq to create a platform allowing digital currencies to be used for everyday banking. Vulcan Digital Asset Services will “provide digital currency wallets, international payment processing, and investment and trading services, and will soon offer point-of-sale and merchant services and the ability to create and support native digital currencies and rewards-based systems”, Bloq says. The partnership also involves blockchain analytics provider Libra and digital currency solutions firm Netki.
November 16th, 2016
Finnish consumers will be able to make P2P mobile payments using a mobile phone number from March 2017 through Siirto, a new platform unveiled by ATM operator Automatia — a company owned by three of…
November 15th, 2016
Hong Kong-based blockchain money transfer network OKLink has teamed up with Doku, an Indonesian mobile wallet, to provide customers with cheap, real-time money transfers. The Doku Wallet allows consumers to top up their account via an ATM, through cash at convenience stores, or by linking it with a credit card. OKLink announced last month that it will subsidise all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network, up to a total of US$100m.
November 15th, 2016
Swedish mobile payments specialist Seamless’ Seqr mobile payment platform has launched a P2P money transfer service that enables users to instantly transfer money to each other “regardless of where they are in the world”, the company says. The service is being rolled out to 14 countries across Europe: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Spain, Sweden and the UK.
November 11th, 2016
Citi has launched a global API Developer Hub to give developers access to APIs across eight usage categories including account management, peer-to-peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorisation. “The release of Citi APIs marks the evolution of Citi’s technology to open architecture, which will facilitate collaboration and partnerships with fintech companies and consumer brands to benefit customers,” Citi says. Additional categories will be added over time.
November 10th, 2016
PayPal has enabled money transfers via Apple’s Siri voice command function, enabling users with iOS10 devices to make payments by speaking requests. The function will be available in 30 countries. “PayPal users can now send…
November 9th, 2016
Nordic bank SEB has signed an agreement with distributed financial technology provider Ripple to use the company’s blockchain technology solution as a basis for payment transactions. “The first step will be to enable customers to make real-time transfers between SEB accounts in Stockholm and New York,” the bank says. “The first customer transactions are planned for next year, and will offer customers real-time transfers with later cut-off times than today.”
November 3rd, 2016
Google has unveiled a new Google Wallet web app that will allow users to send money to friends and family through a web browser. The recipient doesn’t need the Google Wallet app to receive the…
October 31st, 2016
Customers of Singapore’s OCBC Bank can now send money using Apple’s Siri virtual assistant or via text using Apple’s iMessage platform. “Users tell Siri whom to send the payment to and how much they want to send,” OCBC says. “Within the iMessage conversation screen, users can choose the OCBC Pay Anyone iMessage app to initiate the payment.” The Siri and iMessage services for OCBC Pay Anyone are available to all OCBC Bank customers using iOS10 devices and the latest OCBC mobile banking app.
October 31st, 2016
ING wants to enable Spanish consumers “to collect cash with their mobile” in 3,500 retail locations using Twyp, the bank’s P2P mobile payments app launched in December 2015. “We’re a mobile platform that 35m people carry in their pockets,” says the bank’s Julia Vilar. “This means we have 2bn potential contacts with them every year. The traffic is there and customers trust us.” Twyp lets users transfer money to contacts via a chat function and a personal code confirmation.
October 28th, 2016
Nine out of 10 US, European and Canadian commercial banks are exploring the use of blockchain technology for payments, according to a survey of 32 top banking professionals by Accenture. Some 30% of banks are…
October 24th, 2016
America’s biggest banks have launched a money-transfer app to compete with PayPal, Venmo and Square Cash, Reuters reports. Zelle, developed by bank-owned Early Warning Services, is built on top of a payments network that connects the country’s five biggest banks — and others — including Chase, Citi and Bank of America. Another 20 banks will be added early next year. “This is about creating a wide, and inclusive, alternative to cash and checks for everyone,” says Early Warning Services chief executive Paul Finch.
October 21st, 2016
French bank BNP Paribas and supermarket giant Carrefour are to merge their Wa! and Fivory electronic wallets to create a “unified, universal mobile payment solution”, allowing customers to make payments, receive loyalty rewards and make…
October 20th, 2016
Users of the Azimo money transfer service can now send money through Apple’s voice-activated Siri system. “Customers can transfer money by telling Siri the amount of money they want to send and the recipient’s name,” Azimo says. “Existing Azimo customers can get the free iOS upgrade now by clicking the App Store icon and tapping updates in the bottom right.”
October 17th, 2016
Nordea Bank Denmark is ending its support for Swipp, the mobile payment joint venture it formed alongside other Danish banks in 2014, by deciding to “join a partnership” to develop Danske Bank’s MobilePay platform. With the…
September 26th, 2016
The Electronic Payments Association (NACHA) has launched phase one of Same Day ACH (Automated Clearing House) across the US, allowing businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network. “Phase one of Same Day ACH allows for the sending and receiving of virtually any ACH credit transaction,” NACHA says. Phase two will launch in September 2017 to introduce the “faster processing and settlement of debit transactions, in addition to credit transactions”. Members of NACHA approved Same Day ACH in May 2015.
August 10th, 2016
Mastercard and Visa have joined Early Warning’s peer-to-peer network ClearXChange, allowing US consumers to send money to others using their Mastercard or Visa credit and debit cards. The payment networks join Capital One, Bank of America, US Bank, JP Morgan Chase and Wells Fargo in supporting the service, made available to all member financial institutions in June 2015.