MasterCard is acquiring UK payments business Vocalink, which along with processing more than half of payments in the UK, is responsible for The Clearing House's faster payments technology in the US and FAST in Singapore — both systems that MasterCard is likely to push into more countries.
Tom Hay of Icon Payments noted that the acquisition marked the convergence of card payment networks with non-card payment networks. Vocalink was 80 percent controlled by the UK's big four banks.
Also in the payments arena, PayPal and Visa entered a partnership to create safer and more reliable digital payments options for customers. The details of this deal include efforts to lower operational costs, improve customer experience and boost efficiency.
N26, formerly Number26, received its banking licence this week from the German regulator BaFin. The smartphone-only bank claims to have 200,000 customers across Europe to date.
German bank and acquirer Wirecard has to date been providing N26 with its banking facilities, but now the bank will have its own license, it plans to expand across Europe. The bank has to date partnered with fintech businesses such as Transferwise to offer money transfer services — and plans to use extend those parternships rather than developing products in-house.
Amazon partnered up with Wells Fargo to offer lower student loan interest rates for Amazon's 'Prime Student' subscription holders. The bank will take half a percentage point off its interest rates on student loans for such customers, in a move that aims to increase Prime subscriptions for Amazon and exposure to products and services for Wells Fargo.
US sides with HSBC to block release of money laundering report
HSBC trader at centre of fraud probe sat on Bank of England forex panel
JP Morgan to exit part of its government securities business
Australia: NAB's Andrew Thorburn eyes the 'heartland' with restructure
IndiaPost plans 50 payments bank branches by May
Nigeria: FCMB unveils youth-focused product
Singapore: DBS consumer banking head appointed to Nets board
Apps crush internet for UK banking logins
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