Technology

Beem It, a startup owned by three of Australia’s largest banks, has launched a free real-time social payments app designed to run on older debit networks instead of the country's new faster payments platform.

The deal could be harmful to their bottom line because it will provide Amazon with more visibility into an even wider percentage of their e-commerce data, writes Ralph Dangelmaier, CEO of BlueSnap.

Two factions that have taken on the card networks on separate fronts are combining their might in the latest effort to pressure Visa and Mastercard. Even so, there is not a lot of reason for the credit card brands to change their methods.

Payroll needs can be tricky — especially on the open seas, where cruise staffers often have to go through several expensive steps to cash out their paychecks.

The London company unveiled FusionFabric.cloud at Money 20/20 Europe this week.

Developing technology in-house and then licensing it is one way a small bank can build a reputation as an innovator.

Facebook, Apple, Amazon, Netflix and Google garner so much attention that they have their own collective shorthand, FAANG. But it was a mostly different set of companies, including Starbucks and Acorns, that were top of mind this week for their financial services moves.

The cashierless Amazon Go store is barely more than an experiment — it's live in only one location in Seattle, with plans for a handful of stores to follow this year — but it has already sparked a race to put similar models in place.

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution.

Redwood CU's home-grown pay-by-text solution won a prestigious award recently, but the credit union is already looking at ways to build even more functionality into it.