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Tap your phone to withdraw cash from Wells Fargo ATMs
Wells Fargo enabled smartphone-only ATM withdrawals back in March, but the need to punch in both an app-specific code and your PIN partly defeated the convenience of the feature. As of now, though, it's decidedly easier: the bank has enabled NFC access at more than 5,000 of its ATMs across the country. As with Chase, you just have to tap your phone (using Apple Pay, Android Pay or Samsung Pay) and enter a PIN code to start a transaction at a supporting machine. Suffice it to say this is considerably faster than entering two codes just to withdraw some cash.
EU raids banks over attempts to block financial tech rivals
You'd think that governments were waging a war against financial technology given reports of crackdowns and tighter regulation, but the opposite is true in Europe. EU officials have confirmed that they recently raided the offices of bank authorities in multiple countries, including the Netherlands and Poland, to investigate antitrust "concerns" that banks are stifling tech-driven newcomers. The banking establishment is allegedly preventing fintech companies from accessing account info despite customers granting permission, pushing people back to conventional services.
PlayStation credit card gives extra money back for gaming purchases
If you're a PlayStation fan, you probably use your credit card for a lot: games, add-ons, the virtually obligatory Plus subscription and the occasional accessory. Wouldn't it be good if you could at least get some compensation for pouring so much money into Sony's coffers? If you live in the US, you can. Sony has launched a Visa-based PlayStation credit card from Capital One that gives you discounts and redeemable points if you shop for Sony gear or PlayStation services.
HSBC app will let you manage accounts from multiple banks
HSBC is readying a mobile app that will allow customers to manage multiple accounts from different banks. "HSBC Beta" will support 21 money-keepers at launch, including Santander, Lloyds and Barclays, so users can review their current account, loans, mortgages and savings simultaneously. It's the first time a major UK bank has offered such a service. In August 2016, the Competition and Markets Authority declared that all banks would need to adopt "Open Banking" by early 2018, allowing this sort of functionality. Clearly, it's made a difference, though HSBC is keen to stress that it was working on the technology before the ruling.
Barclays customers can now ask Siri to make payments for them
In today's edition of companies making it all too easy for us to spend money, Barclays has added a feature to its iOS app that will debit your account after hearing you utter but a few words. Or, less sinisterly put, Barclays' mobile banking app now lets you make payments with Siri commands. Provided you've granted Apple's assistant access to your account in the app, you can transfer money to any previously known payee, or anyone in your iPhone's contact list. And you needn't worry about that annoying friend saying "Hey Siri, pay Jamie £15 with Barclays," as you still need to tap your finger to the Touch ID sensor to confirm the transfer.
Zelle takes on Venmo from within your bank's app
From Venmo and PayPal to Facebook Messenger, Google Wallet and even iMessage, there are plenty of ways to send money to your friends online. But these all require your contacts to have accounts set up to receive funds, which often causes friction when you're using different services or they don't want to download new apps. A new tool called Zelle should solve that problem. It works with more than 30 major US banks to allow interbank transfer from within each company's app, so you or your friends don't have to set up new profiles or crowd up your already-cluttered phones with more downloads.
Pay an American Express bill just by talking to Alexa
With Amazon's Alexa getting smarter every day, soon enough you won't have to do much yourself. American Express is the latest company to tap into the virtual assistant's skills, allowing customers to use voice commands to check their account balance, review recent charges or make a payment. Alexa devices will also connect to Amex Offers, which is going to let card members browse limited-time deals that may be available through their card. It's worth noting American Express isn't the first financial service to bring these kind of features to Amazon's platform; Capital One started doing something similar earlier this year. If you have an Amex card, as well as an Alexa-enabled device, you can learn how to set this up right here.
Monzo is now a proper digital bank
UK banking startup Monzo has been given the green light by the Prudential Regulation Authority and the Financial Conduct Authority to operate, well, like an actual bank. Until now, the company has been working with a restricted banking licence, which meant you had to have a connected, external bank account to use its pre-paid card and money-saving software. The mobile-first approach attracted plenty of fans, but there were limitations to the setup -- Monzo could only hold deposits up to £50,000, for instance. For years, the plan has been to become a proper digital bank.
HSBC trialling app that automates your savings
While all the major banks have pretty good online facilities, there's a whole breed of nimble startups using mobile apps and bank account data to create new, more personalised money management services. Hoping to learn some new tricks, HSBC announced today it has partnered with one of these fintech pups, Pariti, to launch a standalone iOS app geared towards "micro-savings." The SmartSave app, which you can link to any bank account HSBC or otherwise, will automatically transfer money into savings or investments accounts based on user-defined rules.
Citibank's digital wallet works in apps, online and through NFC
Citibank is partnering with MasterCard and its digital payment service, Masterpass, to add online and in-app transactions to its customers' accounts. Citi Pay users will be able to use their existing Citibank login details across online and app payments. Android users will be able to make NFC payments at wireless-enabled registers. There's no mention of Apple Pay — and that's because Apple doesn't let its payment chip parlez with other platforms.
Tesco Bank breached: Money stolen from 20,000 accounts
The UK's Tesco Bank has confirmed that tens of thousands of its customers' current accounts were compromised over the weekend, leading to fraudulent withdrawals to the tune of several hundreds of pounds, in some instances. Suspicious activity was seen across some 40,000 accounts, with money taken from around 20,000 of those, the bank's chief exec told the BBC. In reaction, Tesco Bank has temporarily frozen all online payment facilities for current accounts, and guaranteed affected customers will receive full refunds as soon as possible.
Clever SIM sticker makes no-signal mobile payments possible
Mobile wallets aren't just for getting in and out of Starbucks that bit quicker. In several parts of the world, many people rely solely on mobile wallets for all their financial needs. These are particularly prevalent in Kenya, for example, where 58 percent of adults manage their money with mobiles. And we're not talking about smartphone apps and contactless payments here, but simpler systems like M-Pesa that work on feature phones and verify transactions via SMS messages. These are entirely reliant on the presence and performance of mobile networks, though, which a project called DigiTally is trying to address with a SIM sticker that lets users make and receive payments when there's no network connection whatsoever.
Bank of America is building an AI helper for its mobile apps
If you've ever wanted to get financial advice from a computer, then you're going to love what Bank of America is working on. The company has announced that it's developing Erica, a "virtual assistant" designed to help customers better manage their finances. The service will sit inside the firm's mobile banking apps and is designed to become your "trusted financial advocate." This means that it won't be long before an AI starts asking why you spend so much money on hats instead of paying rent.
A second hacking group is targeting bank systems
It's bad enough that one hacker group has been wreaking havoc on banking systems worldwide, but it's apparently getting worse. Security firm Symantec reports that a second group, Odinaff, has infected 10 to 20 of its customers with malware that can cover up bogus money transfer requests sent through the ubiquitous SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system. Most of the attacks targeted Australia, Hong Kong, the UK, the Ukraine and the US. And unlike the initial attackers, Odinaff appears to be a criminal organization (possibly linked to the infamous Carbanak team) rather than a state-sponsored outfit.
Airbnb rentals can play havoc with your mortgage
Renting out your home on a service like Airbnb is supposed to be good for your bottom line, but it's now clear that it can create some headaches if you're a homeowner. The Wall Street Journal is warning that banks may turn down your attempt to refinance your mortgage if they learn that you've rented your home on Airbnb. Simply speaking, banks tend to see homes as either personal residences or investments and don't like the risk associated with the latter. While some banks may allow a gray area between the two, others won't be so kind -- Bank of America, for example, won't give you a home equity line of credit if there's a "material amount" of commerce in your home.
US banks will launch their Venmo competitor in October
In an attempt to add a little hipness to personal banking, a consortium of US banks has been quietly working on its very own Venmo competitor. While the details of the service are currently a little thin at the moment, the Wall Street Journal reports the banks have landed on a name: "Zelle." As in: "Hey, I forgot to bring cash for this pizza, can I just zelle you some dough?"
'Open banking' data will help Brits compare and switch accounts
Just as Ofcom is making it easy to switch broadband and mobile providers to inspire us to hunt for the best deals, the UK's Competition and Markets Authority (CMA) wants us to be similarly proactive about our bank accounts. Having completed a lengthy probe into retail banking, the CMA believes the secret to a more competitive industry lies in our data, and the sharing of it.
Barclays swaps passwords for voice IDs for telephone banking
Just as fingerprint sensors have made smartphones more useful and secure, voice-authentication tech is making the dreaded call to customer services that bit more convenient. Following TalkTalk and fellow bank HSBC's example, Barclays has also introduced voice identification to its telephone banking service in the UK. No stranger to biometrics, Barclays has been trialing voice recognition among a subset of customers for several years, only now making it available to anyone with a personal account.
Pay your credit card bill using the Amazon Echo
Too busy whipping up a soufflé to check your bank balance online? You can now ask Amazon's Echo devices to give you the info, thanks to a partnership with Capital One. You just need to say "Alexa, ask Capital One for my Quicksilver card balance" or "Alexa, ask Capital One to pay my credit card bill," for instance. The voice assistant can already turn on your lights, play Spotify music, get you an Uber and check election results. However, Capital One is the first credit card or banking service to work with the expanding family of devices, which are only sold in the US.
Get ready to use your smartphone to withdraw cash at ATMs
Soon, you won't need your card to withdraw cash from JPMorgan Chase ATMs. Upgraded machines arriving later this year will be accessible with your phone, using codes generated from its smartphone app. That's only the first stage: second-generation upgrades will offer up NFC access to bank accounts, like Apple Pay and Samsung Pay. Yep, you'll still be able to use your cards, but importantly, the new machines will also have higher withdrawal limits during banking hours — up to $3,000. Future upgrades include the ability to cash checks and pay bill through the machines, but expect to see those features some time in 2018. Chase isn't the only bank looking to involve your smartphone with your money.
