BankNews Cover

BankNews.com

Payments

How Do Banking Apps Measure Up?

April 18 – In its latest “Monkey Memo,” The Design X-Factor, Malauzai Software provides an in-depth analysis of mobile banking apps customer ratings, comments and feedback as published in Google Play and Apple’s App Store. Malauzai’s research found that 70 percent of the negative feedback was related to customers’ frustrations with a particular policy or procedure enacted by the financial institution and poor and/or lack of communication. (more…)

Wells Fargo Announces Support for PayPal Wallet for In-Store Transactions

April 19 – Wells Fargo & Company has announced that Wells Fargo customers will soon be able to use PayPal to conveniently and securely make purchases with their mobile devices at participating merchants whose payment terminals are set up to accept near-field communication (NFC) payments. Currently, Wells Fargo customers can pay for purchases online and on mobile at millions of merchants where PayPal is accepted. This agreement will leverage the companies’ collective mobile leadership, and allow customers to use a Wells Fargo Debit or Credit Card to use PayPal to make NFC payments using an Android phone.

(more…)

Shift Away from Cash Could Save 30 Billion Dollars Worldwide

April 3 – Citi Digital has published a new report, entitled; “The March Toward Digital Money: Bringing the Underbanked in from the Cold.”

(more…)

Top Myths of Prepaid Cards Are Busted

March 29 – The ability to profitability serve prepaid card market has proven elusive for some while presenting a bounty for others. Strong adoption, particularly among certain demographic groups, has led to strong growth in overall purchase volume but few repeat customers. Javelin Strategy & Research examined various demographic consumer segments and debunked and confirmed a number of surprising stereotypes about prepaid cards. Its latest study, Navigating Prepaid Card Waters: Finding Opportunities in a Sea of Challenges, provides recommendations to market to these consumer segments and increase profitability of prepaid card market.

(more…)

Wells Fargo Rolls Out Card-Free ATM Access for Mobile Customers

March 28 – Wells Fargo Bank, N.A. has announced that customers now have card-free access to all of its 13,000 ATMs, coast-to-coast. The company’s One-Time Access Code technology allows customers to authenticate at an ATM using an 8-digit token and their debit or ATM card Personal Identification Number (PIN), instead of a physical card. (more…)

NACHA Introduces the Faster Payments Experience

March 20 – NACHA—The Electronic Payments Association will introduce the Faster Payments Experience — a consummate educational opportunity encompassing sessions and solutions that focus on real-time, same-day and other faster payments initiatives — at PAYMENTS 2017, the premier event for the payments industry that will take place April 23-26 in Austin, Texas.

(more…)

U.S. Bank Is First to Offer Mobile Payments for Visa Commercial Cards

March 20 – U.S. Bank Corporate Travel Card clients will soon have the convenience of paying for expenditures via mobile with Apple Pay, Android Pay or Samsung Pay. This new functionality allows commercial cardholders to conveniently and securely pay on the go with compatible devices, making U.S. Bank the first financial institution to offer a mobile payment solution for Visa corporate card transactions.

(more…)

LendingPoint Partners with FinWise Bank to Give More Credit Access to Customers Nationwide

March 7 – LendingPoint, the company working to revolutionize access to credit, has announced a partnership with FinWise Bank that allows the company to offer its full suite of loan products to customers nationwide.

(more…)

StrategyCorps Releases 2017 Checking Performance Study

StrategyCorps’ second annual “Consumer Checking Financial Performance Report” provides detailed analysis on more than 4.5 million checking account relationships incorporating over 600 million data points using its database from its CheckingScore analytical solution. The result is the most insightful and actionable information on consumer checking for financial institutions to use in benchmarking their own performance and to incorporate into their product and checking line-up decision-making.

(more…)

1 in 2 U.S. Consumers Will Conduct P2P by 2021

February 21 – The U.S. person-to-person (P2P) payment market in 2016 has experienced dramatic growth with almost $500 billion in P2P transactions from a bank, non-bank or money transmitter service. This market will experience further expansion over the next year, as the number of consumers conducting at least one digital P2P transaction in the past 12 months increased in 2016.

(more…)

Kryptronic Internet Software Solutions