Bank technology

Mexican bank Banamex this week launched the initial phase of the first major countrywide contactless-payment rollout that includes the issuance of 100,000 PayPass contactless credit and debit MasterCards and the deployment of several thousand terminals to 1,900 merchants in Mexico City.

Consumers' inner rock stars and accountants are at the heart of the mobile finance startup's business plan, Movenbank CEO Brett King says.

Merchant acquirers and tech companies are collaborating on mobile payments issues in a new group formed by the Electronic Transactions Association, the Washington-based trade group announced Thursday.

'Hackathon' shows payment tech can evolve lightning-fast; Starbucks juices Square; Verifone vexed.

Show consumers mobile channels are useful, accessible, secure, familiar and easy to use.

The much-talked-about mobile financial services start-up Movenbank has finished its initial round of fundraising.

Trinidad and Tobago's First Citizens Bank has deployed FIS' (FIS) Default Manager, the first deployment of the FIS product in Latin America.

Dexter Credit Union will use Andera's oFlows platform, a paperless system for account opening and lending.

The firm will use part of the $34 million funding round to beef up a predictive algorithm that determines how much money merchants should give consumers to spend at their stores. The theory is they'll spend more.

American Express will put its reloadable prepaid card on Walgreen Co. shelves by the end of the week.

The coffee giant makes a $25 million bet on a disruptive payments technology. But how much of a jolt will the investment cause in the banking industry?

PayPal still rules the roost in person-to-person (P2P) transfers, but faces an increasingly strong field of competitors, according to Javelin Strategy & Research.

Campus card provider Higher One, along with The Bancorp Bank, its former bank partner, have settled a lawsuit with the FDIC stemming from several "alleged unfair and deceptive practices."

Innovest Systems, a technology firm specializing in trust accounting and wealth management products, has named Glenn Schmidt as its chief operating officer.

Bank of America's Merrill Lynch unit has named a former Citigroup executive as managing director of North American product sales for its global transaction services business.

Starbucks' $25 million investment in Square says a lot about the mobile payment provider's appeal to larger merchants — but the coffee chain's decision to leave out some of Square's technology also speaks volumes.

Vendors are jockeying to be the go-to firm for banks that wish to shed the piles of paper statements and bills still blocking the path to low-cost digital processing.

Cardtronics USA has acquired the assets of independent sales organization ATM Network, including its merchant contracts, customer relationships, online store and Web properties.

Starbucks announced today that it is investing $25 million in Square and will begin using Square's mobile payment technology in its stores.

Former Bank of America (BAC) executive Marc Gordon has been appointed executive vice president and chief information officer at American Express (AXP), the credit card company announced Tuesday.