Mobile Banking & Payments
LoopPay, the technology acquired by Samsung it its bid to differentiate itself from ApplePay, was reportedly breached months ago by a Chinese hacking group looking to replicate its technology, Samsung has confirmed. The LoopPay network is physically separate from Samsung Pay, according to Samsung, and neither the phone-based payment service, nor any customer records of the service were impacted by the breach.
Global business-to-consumer commerce is expected to reach $2.3 trillion in 2018, according to eMarketer, yet rapid sales growth will put increasing demands on the payment infrastructure supporting that business.
BNP Paribas is rolling out a security solution pilot that replaces the three-digit CVV code on the back of credit and debit cards with a small screen containing a dynamic code that regularly...
Following a successful pilot of the technology over the summer, Royal Bank of Canada is phasing in natural language voice recognition for customer authentication. The bank says the technology matches customers' "voiceprints" to their live voice in real time, authenticating customers within seconds of their call.
Cloud Lending Solutions, a provider of cloud-based lending solutions to marketplace lenders, banks, and other fintech companies, announced that it has raised $8 million in Series A venture funding. The company, which has offices in San Mateo, California, and Bangalore, India, plans to use the funding to open a U.K. office and expand product development.
Societe Generale may cut 20 percent of its branches in France over the next five years as part of an acceleration of a branch reduction strategy that began this year with the closure of 40 branches....
The U.S. credit and debit card industry's transition from magnetic stripe cards to chip cards becomes official this week, as October 1 is the deadline by which card issuers and merchants must make the transition to chip cards and chip card readers or face increasingly liability. While the country's transition is far from complete, the looming deadline has spurred an increase in activity, with some stakeholders scrambling to adopt the technology ahead of the industry deadline.
After a successful launch in South Korea, Samsung Pay made its official debut in the U.S. this week. The challenger to Apple Pay works on new Samsung phones, including Galaxy S6, S6 edge, Note5 and...
Online lending site Prosper Marketplace has signed a definitive agreement to acquire BillGuard, a personal finance analytics company that develops apps to manage, protect and do more with money and credit. The acquisition represents the merger of two hot trends in financial services – marketplace lending and automated personalized analytics, sometimes called robo-advice.
Bank of America has filed a patent for a cryptocurrency wire transfer system. The patent, filed in March but just published by the US Patent & Trademark office last week, focuses on international wire transfer and suggests that its proposed model would be able to conduct international wire transfers more quickly than existing systems.