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November 9, 2021
On the wires
Modern Treasury and Metropolitan Commercial Bank Partner to Provide Automated Payment Operations to Entrepreneurial Companies
“Modern Treasury , a payments operations software provider, and Metropolitan Commercial Bank , (MCB), a leading bank focused on the most entrepreneurial platforms and marketplaces, today announced a new integration for automated payment operations that simplifies the management of the entire cycle of money movement.”
October 26, 2021
On the wires
Modern Treasury Launches Virtual Accounts to Streamline Payment Reconciliation
“Modern Treasury , a payments operations software platform, today announced its Virtual Accounts product to make it easy for companies to quickly and accurately track and reconcile payments at scale. The launch of Virtual Accounts further solidifies Modern Treasury’s leadership in enabling companies to modernize, automate and accelerate payments.”
March 6, 2020
On the web
India’s Yes Bank breakdown disrupts Walmart’s PhonePe among a dozen other services
TechCrunch
“Tens of millions of merchants and users in India are struggling to make online transactions and use several popular services after the nation’s central bank seized control of Yes Bank, the fourth largest lender in the country. The emergency takeover of the private sector bank has taken off several financial startups that rely on it to facilitate services such as processing QR codes, point-of-sale terminals as well as transactions through popular UPI infrastructure.”
January 23, 2020
On the web
Tech Budgets Offer a Clue About Which Banks Will Survive the Next Financial Crisis
Quartz
“Banks that adopted more IT before the global financial crisis had fewer defaults when it hit, and also provided more credit after it began, economists Nicola Pierri and Yannick Timmer wrote in a working paper for the International Monetary Fund. The difference between the IT-intensive banks and the rest wasn’t because of their geography or because they unloaded souring loans faster once the crisis hit, according to the researchers. Instead, it appears the tech-focused firms made loans that were more resilient.”
August 12, 2019
On the web
Mexico Commerce Upended With Part of Banking System Offline
Bloomberg
“Problems at a Mexico City data-processing center caused widespread failure across the nation’s banking system on Saturday, with companies and consumers reporting a spike in declined payments and transactions. Banks including Grupo Financiero Banorte SAB and the Mexican units of HSBC Holdings Plc and Banco Santander SA reported the problems on Twitter. The issue was tied to an electronic-payments company, Prosa, which said in a statement it had experienced problems at a data center. Banks later said the services have resumed.”
June 17, 2019
On the web
Target Checkouts Hit by Outage for a Second Day in a Row
TechCrunch
“Like many other companies, Target uses NCR as a vendor to help accept payments, and on Sunday afternoon NCR experienced an issue at one of their data centers. While this was not an issue within Target’s technology system, Target was unable to process select card payments at some stores for about 90 minutes.”
August 21, 2018
Top Post
PayThink Visa’s outage shows the value of modern quality assurance
PaymentsSource
“Even as the payments landscape has become increasingly complicated and convoluted over the past several years, many industry players have not kept pace with their payments testing methods or tools. Too many payment providers still rely on dated, decaying and disjointed systems for monitoring, testing and maintaining their payment channels.”
August 20, 2018
On the web
Data centre failure hits CommBank cards, mobile and online banking
Finextra
“”We have two data centres that support the app and NetBank and unfortunately one of them has had an issue and so there is a lot of demand on one data centre,” he says. “If customers are struggling to log on, I’d encourage them to wait five or 10 minutes and try again. My sincere apologies, and we are working as hard as we can to get the issues fixed.””
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