When 214 banks talk, hopefully everyone will listen. A new report released today by PYMNTS.com, based on speaking with 214 banks, presents more than 350 data points on the “state of” payments innovation, as they report it. The good news: There’s a lot of innovative products and features being rolled out. The bad news: Nearly 40 percent say they struggle to roll out new products, given inflexible IT infrastructure. Go deep on what that means in the brand-new PYMNTS Bank Innovation Readiness Index™, in collaboration with i2C.
Embracing electronic B2B payments is a two-way street: Payers and payees alike have to put in the effort to make the change. But there is a third party involved in this transition that plays a huge role in businesses’ ability to put down the paper: the bank.
ATB Financial has partnered with FinTech Finn.ai to launch a virtual banking assistant that utilizes Facebook Messenger.
In a move aimed at bringing newer and younger depositors to the bank, JPMorgan Chase and Co. has announced the launch of Finn — a new smartphone app designed to allow users to open a bank account, make deposits, issue checks, track spending and set up savings plans all in one place.
Of all the sensitive personal data consumers and businesses would rather not see compromised, financial data is surely toward the top of the list. But, a new report by cybersecurity company Thales e-Security suggests data breaches at financial institutions (FIs) are on the rise, and that information technology (IT) professionals who work for these firms are growing increasingly concerned about the issue.
Bank of America is adding another layer of authentication for its online banking services. The bank is incorporating Intel Corp’s Online Connect technology, which will enable fingerprint touch payments into its online banking systems starting next year.
Countingup, a FinTech that aims to combine and streamline corporate banking and accounting for small- and medium-sized businesses (SMBs), secured fresh funding this week.
Citibank has announced news that customers can now utilize the popular Citi Quick Lock feature on their debit cards, enabling them to quickly temporarily freeze their card in order to protect their bank accounts.
In payments, innovation doesn’t always have to materialize in disruptive waves, but can come, rather, through incremental evolution. In an interview with Karen Webster, i2c Founder and CEO Amir Wain discussed the state of innovation in financial services and pointed out that failure to innovate often translates into lost profits.
Barclays Chief Executive Officer Jes Staley said the company has to defend its differentiators as technology companies such as Apple and Amazon encroach on the payments market.