Commerce

Loop Will Be Inside Handsets Within One Year, CEO Says

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April 17, 2014
Loop Will Be Inside Handsets Within One Year, CEO Says

Loop, the payments startup that allows for contactless payments at magstripe card readers using magnetic transmission, has plans that go far beyond magstripe itself. The company has deals in the works with a major card network and a major handset manufacturer that should see daylight later this year, CEO Will Graylin told Bank Innovation yesterday. Loop...
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Bank of America Adds Mobile Users, Sheds Branches

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April 16, 2014
Bank of America Adds Mobile Users, Sheds Branches

Mobile users continue to grow at Bank of America. The bank grew mobile users by 4% in the first quarter of 2014, while shedding 1% of its branches. Mobile users reached 15 million, almost 20% higher than one year ago. JPMorgan Chase and Wells Fargo both saw about 5% QOQ mobile user growth. 10%...
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Building a Bank from Scratch

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April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

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April 14, 2014
VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

Biometrics have arrived, and not a moment too soon. The so-called Heartbleed vulnerability has just about everyone worried about the fidelity of passwords, which are hard to remember and not secure anyway. Fingerprint scanners and other forms of biometric authentication are both easier and far safer and have long been held up as potential...
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New APIs Promise Rich, Contextual Data

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April 4, 2014
New APIs Promise Rich, Contextual Data

We offer this new dictum: Context is king when it comes to transaction data — and one new startup is staking its future on that. Today, it is becoming standard in banking for APIs (application programming interfaces) to provide rich contextual data in order to deliver value to developers and marketers. No longer is it...
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Four Technologies That Will Revolutionize Financial Services

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April 2, 2014
Four Technologies That Will Revolutionize Financial Services

A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of: bitcoin-inspired distributed systems open APIs (application programming interface) as a new way to consumer business services on the internet crowd-sourced...
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Payment Processor PayStand Will Be a Router for Money

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April 2, 2014
Payment Processor PayStand Will Be a Router for Money

A new payments startup called PayStand will accept credit cards, e-checks and — you guessed it — bitcoins. CEO Jeremy Almond sees virtual currencies as a kind of online cash that gives more options to merchants and makes them less reliant on the card networks. “We’re looking to give all payments types equal weighting...
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Square Accepts Bitcoins, Too

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April 1, 2014
Square Accepts Bitcoins, Too

It was only a matter of time. Payment processor Square announced a partnership with Coinbase last night that will allow its merchants on Square Market to accept payments in bitcoins. If this announcement had come a year ago, we might have suspected it was an April Fool’s Day joke, but so quickly does the payments world...
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The Sorry Six: Payment Processors with the Lowest Success Rates

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March 27, 2014
The Sorry Six: Payment Processors with the Lowest Success Rates

How did your payment processor do last month? Most companies will cite a 95% success rate in processing payments, according to payment gateway Spreedly, but the company’s data does not support this. Far from it. Spreedly has been tracking the success rate of its payment processors since last August — the service began just...
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53 Fastest Payment Processors in the World

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March 27, 2014

Which merchant processor puts through payments fastest? The winner last month was Litle & Co., the Vantiv company. Litle also was fastest in January 2014. Processing speed matters because it is a marker of investment and technical prowess on the part of the payment processor. Here are the 53 fastest processors in the world,...
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