The banking industry has become accustomed to the term peer-to-peer lending, but a 4-year-old company is seizing an opportunity to apply the peer-to-peer concept to another piece of banking: international money transfers. TransferWise, has created what is essentially an automated global matching platform for international money transfer, and is now supporting money transfers in more than 400 currency pairs.
Diebold's $1.8 billion acquisition of German rival Wincor Nixdorf will create the world's largest ATM maker. But in combining, the two companies highlighted their shared vision for software and services and their joint research and development expertise more than their combined ATM might.
Aiming for wide-scale availability of its Chase Pay mobile and digital payment system by mid-2016, Chase announced this week that it has partnered with 18 tech firms to implement the service for merchants.
The Western Union Company has inked a deal with social messaging platform WeChat to integrate cross-border payment with social messaging in as many as 200 countries, the two companies said. The...
After announcing an $820 million investment from Blackstone last week, ATM maker NCR announced Monday that it has entered into a strategic commercial agreement with commerce-enabling technology provider First Data. Both deals include provisions to help NCR transform itself from an ATM and hardware maker to a developer of new commerce software and solutions.
Dutch bank ING has signed a memorandum of understanding with Bank of Beijing to explore the joint creation of an online bank in China, ING's CEO Ralph Hamers confirmed during a third-quarter results conference call.
Visa Inc. said that its long anticipated announcement of an agreement to acquire former European subsidiary Visa Europe will yield technological benefits to European and global customers. Through the deal, Visa will pay 16.5 billion euros ($18.2 billion) to Visa Europe's owners, who include more than 3,000 European banks and payment services providers. Four years after the close of the deal, an additional 4.7 billion euros ($5.2 billion) could be paid if certain net revenue targets are met.
The Western Union Company is launching a money transfer platform designed to integrate with social networks or mobile platforms that want to add payment to their services. The 164-year old company said the new platform is part of an evolution to ensure tech-savvy customers have a variety of digital choices for accessing its money transfer services.
JPMorgan Chase & Co. has logged major wins in the payment space over the past week, with announcements that it is replacing Square's role as a payments processor for Starbucks and partnering with MCX, the mobile-commerce network owned by a consortium of retailers ranging from Walmart and Target to Best Buy. While unrelated, the two deals both represent partnerships with major retailers and relate to the retailers' efforts to embrace innovative and high-tech payments schemes.
Early Warning, a bank-consortium backed fraud prevention and risk management platform, has agreed to acquire clearXchange, the digital payments network also owned by a bank consortium. The two companies, which have many overlapping backers, said the new combined company would merge risk, fraud and authentication assets with digital payments for a secure real-time payments offering.