BankSimple Announces Funding & Partnerships to Launch Real-Time Banking Platform

BankSimple, the highly anticipated web-only bank being built with an emphasis on user experience and no fees, is getting closer to launching, the company said today. CEO Joshua Reich put up a blog post this afternoon announcing that BankSimple has secured partnerships with VISA, Barcorp and other institutions to enable its customers to get transaction rewards and have their deposits FDIC insured. Additionally, the company announced that it has grown its venture capital war-chest from $3.1 million to $13.1 million. The company is testing its products now and says it will launch within the year.

via readwriteweb.com

View/comment on the original post at blog @cankoklu

ING Bank runs Group-Buy Deal to Acquire New Customers [Screenshots] | Social Commerce Today

So it looks like the financial services industry has got the social commerce bug.  Yesterday we covered Amex’s innovative open-graph powered Link-Like-Love rewards program that offers personalized rewards based on Facebook Likes and activity, and today ING bank (Canada) is running a group-buy deal to acquire new customers on dealoftheday.com.

via socialcommercetoday.com

View/comment on the original post at blog @cankoklu

‪The History of Payments - a mockumentary from Barclaycard ‬‏

via youtube.com

View/comment on the original post at blog @cankoklu

#Akbank Para Gönder #Android Application ready for download

Akbank's Para Gönder (translation: Send Money) Android Application

Send money from:

• Chequing account
• Credit card

Send money to:

• Any recipient's GSM number to be withdrawn from an ATM
• Akbank customer's GSM number to be transferred to their chequing account
• Any credit card

Related articles

• Akbank #Mobile #Money #Transfer #iPhone #Application [Update: Functionality] (Para Gonder Uygulamasi) (cankoklu.com)
• Android App Direct Carrier Billing Now Available to Sprint Customers (socialtimes.com)
• 20 Android Tips And Tricks You Should Know About (GOOG) (businessinsider.com)

View/comment on the original post at blog @cankoklu

Financial Products Comparison Engine: #Google Advisor

via youtube.com

Google Advisor is a site that helps you find offers that meet your needs. You can easily compare offers from participating advertisers and contact them for more information. To help you avoid unwanted sales calls, Google protects your contact information throughout the process.

Visit Google Advisor at http://www.google.com/advisor.>

Related articles

• Google Advisor Wants to Help You Find a Better Credit Card, Mortgage and Bank Account (newsgrange.com)
• Making financial comparisons easy with Google Advisor (googleblog.blogspot.com)
• Google Advisor Wants to Help You Find a Better Bank (readwriteweb.com)

View/comment on the original post at blog @cankoklu

American Express Invests in PayFone, Powers Mobile Payments Plan | Fast Company

Amex suggests that with Serve and Payfone you'd be able to link your cell number to a variety of credit and debit card accounts, and then pay swiftly and securely at the checkout in stores. 

If that sounds familiar, then it should--it's almost the exact same process needed for wireless NFC credit card payments, a system we expect to see exploding over cell phones and smartphones from about now onwards. And that reveals Amex's plans for all to see: This investment is a precursor to enabling NFC payments from phones in stores.

And since location data is securely included in Payfone's protocol, it could also enable a secure way for NFC phone owners to transfer money between themselves merely by putting their phones together--Payfone would do all the fund verification, work out the phones are co-located, and Amex's Serve would handle the transaction. More than this, the investment in Payfone has a slightly tactical flavor because Amex could have invested instead in technology that didn't use cell phone network infrastructure...and hence it's a sign Amex knows it needs the networks on its side if it's to be a player in the upcoming market.

via fastcompany.com

View/comment on the original post at blog @cankoklu

#NFC in 2011: U.S. #Bank Testing NFC in 20 Different Markets

NFC-Enabled Mobile Banking Apps

Also involved in the pilot program is payments processing provider FIS and the payments specialist Monitise, which the bank credited with the development of the mobile banking application. Actually, there are two mobile apps involved - one written for BlackBerry smartphones, while the other is an iPhone app. Both offer similar functionality, Venturo says.

Using the apps, customers can perform balance inquiries, pay their bills, see their transaction history, and even switch on or off the NFC functionality. The balance inquiry, specifically, is updated in real-time, reflecting the transactions that were just made at checkout.

Ironically, the on/off switch is provided to address customers' fears regarding this new technology's security, despite the fact that NFC, in truth, provides more security than the mag stripe standard used on credit cards today. That feature may or may not arrive in the commercial product, if one is to launch.

Once enabled, these mobile phones can be used anywhere Visa has its contactless payment terminals in place. Merchants accepting these transactions exist in locations that range from pharmacies to fast food restaurants and even some convenience stores.

How the System Works

Customers participating in the pilot program receive the microSD card or iPhone case in the mail at the same time as their new credit card arrives. Included in the package are instructions as to how to insert the chip into the phone (or use the case), plus how to enable and use the mobile application.

At point-of-sale, customers can switch on the NFC functionality within the mobile application (if it was not on already), then simply wave their phone in front of the Visa payWave terminal in order to complete the transaction.

So far, the testers have found the process easy. "We're really happy with the pilot program's progress," Venturo told us in March, while noting that U.S. Bank continues to refine the overall experience.

via readwriteweb.com

View/comment on the original post at blog @cankoklu

In South Africa, cardless ATM withdrawals via mobile phone - Springwise

The virtual ink had scarcely dried on our story about South Africa's upcoming Mahala Free Banking Platform last week when we received word of yet another mobile banking innovation in the country. Customers of Johannesburg-based First National Bank (FNB) can now make withdrawals from an ATM without a bank card using just their mobile phone.

To withdraw cash using the new capability, which was launched last month, customers simply log onto FNB's Cellphone Banking service and select the banking option. They then indicate specifics including the particular account from which they want to make a withdrawal. Once they've completed the transaction online, they receive a text message via SMS that includes a temporary PIN to use at the ATM. For security reasons, the PIN must be used within 30 minutes of receipt; it also can be used only once.

via springwise.com

View/comment on the original post at blog @cankoklu

Startup Launches to Link Loyalty and Social Media at Point of Sale [EXCLUSIVE]

New startup SNAP launches Wednesday to help businesses automatically connect the dots between their existing in-store loyalty programs and their customers’ social media behaviors. The SNAP service is now commercially available after having been piloted by Tasti D-Lite for more than a year.

Once deployed, SNAP’s patent-pending technology implicitly “checks in” the customer to his or her configured social networks each time a transaction occurs. The platform enables businesses to automatically reward customers with points, badges, discounts and the like for socially sharing that in-store activity back to Facebook, Twitter and Foursquare.

SNAP exists as a business layer that sits on top social channels. The system plugs into the APIs of Foursquare, Twitter and Facebook, but it has APIs of its own that not only allow for rapid store integration at the server level, but also enable SNAP to receive and track transaction data in real time.

via mashable.com

View/comment on the original post at blog @cankoklu

Chase Bank Uses QR Code in Homepage Banner (NetBanker)

Here's the first time I've seen a QR code used on a bank homepage. After an animation sequence (below) announcing Chase Bank's new Android mobile banking app, the final graphic displays a code that Android smartphone users can scan to download the new app. Very clever.  

Chase Bank homepage (20 Jan 2011)

Landing page (link)

via netbanker.com

View/comment on the original post at blog @cankoklu

Self-Service: Bank of America's MyFraudProtection Allows Online Review of Suspicious Card Transactions (NetBanker)

How it works
______________________________________________________________________

Step 1: Following the link, I ended up at an entirely new site, running outside online banking where I was required to re-enter my account number (screen 2), last 4 of SSN, zip, and phone number (see screen 3).

Step 2: I was then required to answer random questions pulled from the credit bureau to authenticate myself (screen 4).

Step 3: Finally, I was able to review and approve the transactions in question (screen 5). Then I was thanked and told I could use my card again (screen 6).

However, after all this, I was still not able to pay my account online and had to call after all. The rep told me that it takes between 2 and 24 hours for online banking access to become available (note 1).

______________________________________________________________

Analysis
_______________________________________________________________________

All-in-all, I liked the system. However, it needs to be more integrated into online banking (see note 2). Given all the extra work required to authenticate myself, it would have been faster just to call the 800-number. If I was a normal customer, that's what I'd do next time. I hate the stress of going through the authentication process, with everything on autopay who can remember their exact payment amounts anymore?  

And worse, there is a security disconnect here. I log in to my credit card account only to be told it's unavailable and that I should login to some site I've never heard (that doesn't even have a Bank of America URL, note 3) and turn over personal info. It looks more like a crude phishing ploy than something from a major bank. And as far as I can recall, there was no customer education on this process.  

So, I applaud Bank of America for making transaction verification self-service. But there's still much work to be done before it replaces the phone process. 

1. Main Bank of America Account Overview screen (14 Jan 2011)

via netbanker.com

View/comment on the original post at blog @cankoklu

Mint Launches Online Finance Game for Middle School Classrooms | Fast Company

Intuit-owned Mint.com, the service that made budgeting a fun task, has partnered with Scholastic to offer a free, online personal-finance program to middle-school students, teachers, and parents. The program aims to help build money management skills at a young age. It will feature colorful classroom lesson plans and materials, as well as an interactive game, that should translate to younger audiences.

The materials are expected to be available for teachers beginning today, and will have a nationwide distribution to 30,000 classroom and 100,000 students by early next year.

via fastcompany.com

View/comment on the original post at blog @cankoklu

12.5% of E-commerce Transactions Will Be Mobile By the End of 2013, Gartner Predicts by Bank Systems & Technology

By year-end 2013, location information or profile information from mobile phones will be used to validate 90 percent of mobile transactions, according to analysts at Gartner. The analysts said the rapid adoption of smartphones is forcing banks, social networks and other e-commerce providers to implement the kinds of fraud detection capabilities that have become mainstream with fixed-line computing.

via banktech.com

View/comment on the original post at blog @cankoklu

Royal Bank of Canada's Futuristic New "Stores" Blend Self-Service With Assisted Service by Bank Systems & Technology

The new stores, the first of which opened in October in Burlington, Ontario (to be followed by branch openings in Halifax in December and Toronto in early 2011) feature Microsoft Surface technology to educate and assist customers at kitchen-counter like islands, self-service kiosks featuring Cisco telepresence, and a media wall that helps branch staff facilitate seminars. The video below shows some of the basic branch features.

via banktech.com

View/comment on the original post at blog @cankoklu

World’s biggest banks have poor approach to social media, new report shows - Investment International

Deutsche Bank, Crédit Agricole and BNP Paribas come out as winners in a ranking of the social media activities of the world’s top 30 Wealth Managers.

  In the survey by the Swiss consulting company, MyPrivateBanking Research, Deutsche Bank ranks first, with a total score of 38 out of possible 50 points. In particular, Deutsche Bank scores well with its Facebook, LinkedIn and Twitter activities. Crédit Agricole and BNP Paribas score lower overall in these networks, but have strengths in their Youtube and mobile application offerings.

  Overall, the report, Wealth Management and Social Media, comes to the conclusion that the social media presence of the 30 biggest Wealth Managers leaves a lot to be desired. Just a small group of four banks, Deutsche Bank, Crédit Agricole, BNP Paribas and Credit Suisse, have a consistent and comprehensive strategic approach toward social media.

  Another group of only six banks use bits and pieces of the social media framework to get in touch and start conversations with clients and users. But most leading banks, two thirds in all, either have no presence whatever or only engage in sporadic activities on social media networks. No US based bank is in the Top10.

via investmentinternational.com

View/comment on the original post at blog @cankoklu

Citibank First to Test Revolutionary Credit Card System, Card 2.0

Next month, Citibank will begin testing Card 2.0, a groundbreaking new credit and debit card device that securely links multiple accounts.

These futuristic cards stole the show at the DEMO startup conference last month in Silicon Valley. The cards have embedded buttons and graphic displays, yet they’re as thin and flexible as a normal credit card.

Citi’s version of the card will allow users to select between two buttons on the card at the register. One button will let the user pay with reward points; the other button lets them pay with credit. Cardholders can pay with rewards points anywhere their Citi credit card is accepted.

The cards will be called 2G (as in “second generation,” a naming convention similar to that of other mobile gadgets); each one will contain a chip and a battery with about four years of life.

Citi’s employees have been testing 2G cards since May, according to reports, and the bank plans to roll the cards out to its customer base in mid- to late 2011. Some cardholders will be selected to start using 2G cards now.

Citi’s Dividend Platinum Select MasterCard and its PremierPass Elite are both rewards-focused cards; they’ll be the first to be offered as 2G cards.

Jeff Mullen is CEO of Dynamics, Inc., the company behind the cards. He told The New York Times that Citi’s 2G cards were mere baby steps, saying, “We are just scratching the surface with what these cards can do with these initial products… We are trying to be the innovation arm of an industry that has never had one.”

Here’s a demonstration of how some other Card 2.0 products work:

via mashable.com

View/comment on the original post at blog.cankoklu

Why Are People Afraid of E-Commerce?

via sitejabber.com

View/comment on the original post at blog.cankoklu

Online Banking Startup Think Finance Secures $90 Million Line of Credit

Think Finance is announcing that they’ve secured a $90 million credit facility from Victory Park Capital Advisors. This massive line of credit will be used to develop, expand and underwrite, Elastic, Think Finance’s web-based bank account replacement product.

Elastic is currently operational as a pilot program, providing its online bankers with an Elastic debit card, line of credit, and access to bank account statements and account history. Think Finance will enhance Elastic’s services with a savings feature, financial literacy tools and budgeting tools. The company plans to release these features and aggressively push Elastic in the first quarter of 2011.

via mashable.com

View/comment on the original post at blog.cankoklu

USAA is Amazing (NetBanker)

How did USAA become the most innovative bank in America? I guess its big-bank competitors have been kind of preoccupied with other matters the past few years. And because USAA serves most of its 5 million banking customers remotely, it stands to profit from pushing the envelope in online/mobile delivery. 

The latest proof that the bank is both innovative and adored? Posting user reviews right in the middle of the homepage, an inventive and unique approach. And with an average score of 4.7 out of 5 for both checking and auto insurance, the reviews serve as a transparent and effective mass endorsement.

via netbanker.com

View/comment on the original post at blog.cankoklu

Hey, Big Spender – MasterCard Buys DataCash For $520 Million In Cash

The news comes a couple of months after rival Visa acquired another major e-payment company, Cybersource, for a total consideration of approximately $2 billion in cash.

DataCash offers a single, comprehensive interface that provides e-commerce merchants with the ability to process secure payments across the world. The European payment service provider develops and provides outsourced electronic payments solutions, fraud prevention, alternative payment options, back-office reconciliation and solutions for merchants selling via multiple channels. The company also markets a fraud solutions and technology platform.

In 2009, DataCash says it processed more than 240 million transactions for more than 1,400 merchants in a variety of sectors. Last year, DataCash reported revenue of £36.9 million (US$58 million). The company employs 362 people worldwide with operations in London, Dublin, Mannheim and Cape Town.

Here’s how MasterCard president and CEO Ajay Banga pitched the buy:

“E-commerce represents an important part of MasterCard’s growth strategy, and this acquisition will allow us to provide new services to our acquiring customers, as well as drive increased e-commerce penetration in both existing and new markets.

The acquisition of DataCash will expand our already significant e-commerce merchant gateway presence in Asia and Australia to European countries and other high-growth, emerging markets worldwide.”

via techcrunch.com

View/comment on the original post at blog.cankoklu