Tim Fitzpatrick has been appointed as the new chief executive of CHAPS, the UK’s same day high-value payment system. Currently HSBC’s Global Payments and Cash Management chief operating officer and group head of payment services.
Companies seeking to appeal a supervisory action undertaken by the CFPB have to play by some new rules, now that the agency has revised its appeals process.
Chief marketing officers at 100 U.S. retailers are expecting a 4.2 percent increase in holiday season total store sales this year, which is in line with last year’s 4.1 percent increase, according to a the 10th annual survey from BDO USA, a professional services firm and consultancy.
The EMV Migration Forum, a cross-industry organization that supports the U.S. shift to EMV chip cards, today announced a package of fresh educational resources and a new working committee to guide the chip card transition for merchants with automated fuel dispensers.
Mobile payments technology provider Mobetize Corp. has formed a strategic partnership with prepaid wireless company Global Service Solutions Inc. and under the new brand Gotwallet, the companies “successfully” will bridge the gap between the prepaid wireless end user and mobile payments, according to a Global Services Solution executive.
Legislators and regulators are grappling with how to apply existing money transmitter laws to an emerging industry. Read about the challenges and latest developments across the U.S.
A group of technology titans are setting aside competitive differences to form a consortium promoting financial services innovation to policymakers.
In the latest example of the global push to speed up payments, Fiserv Inc. and Early Warning, a bank-owned risk management service, today announced a partnership enabling U.S. banks to provide real-time bill payment and deposit services, leveraging the scale of Fiserv’s NOW Network and technology from Early Warning.
Experts have long pointed to loyalty as the key to convincing consumers to adopt mobile wallets.
A snapshot of payments-related earnings reports recently announced is available to you below.
States are getting into the EMV with PIN push, which they say will provide better fraud protection.
A class action related to the Kmart breach in 2014 was struck down.
Visa Inc. has reached a definitive agreement to acquire Visa Europe for up to €21.2 billion (US$23.4 billion), bringing Visa’s global networks under the same roof for the first time since 2007. The long-anticipated deal earned the unanimous support of both companies’ boards of directors and is expected to close in Visa’s fiscal third quarter of 2016, pending regulatory approval.
Amazon is expanding its one-click “Pay with Amazon” feature to third-party mobile apps, capitalizing on the growing popularity of “buy buttons” for mobile commerce.
RushCard will reimburse RushCard customers who experienced financial losses as a result of a temporary service disruption during a technology conversion last month. The company’s systems now are fully restored, the company said Thursday.
The New York State Department of Labor this week reissued its proposed rule on payroll cards (see page 7 of PDF), which is similar to the one issued in May. Although some of the DOL’s changes are favorable to the industry, lingering provisions, particularly those around banned fees, will prove problematic to payroll card business models.
In a keynote address on Money20/20’s final day, MCX Chief Brian Mooney provided more details about how CurrentC—backed by Chase Pay—will work at the POS for consumers, demonstrating use cases in its current pilot in Columbus, Ohio.
With many American consumers lacking access to affordable, high-quality credit, the Center for Financial Services Innovation has released a new report outlining eight strategies to help financial service providers design small-dollar loans that offer value to consumers and providers.
Socure, a real-time online identity verification provider, announced this week at Money20/20 in Las Vegas that financial institutions and other firms are using its Social Biometrics Platform to authenticate consumers—including those with no credit histories—in more than 175 countries.
CPI Card Group has been named a member of the 2015 FinTech Forward 100 list of leading technology providers in the world.
Dinsmore & Shohl LLP has announced the expansion of its banking and financial services practice to include the financial services regulatory and enforcement group (FinsReg).
Money services companies have launched The Money Services Business Association.
At Money20/20 this week, Phoenix Marketing International released data from a new survey that suggests Apple Pay adoption is still on the rise, but its growth rate has slowed considerably in recent months.
Enacomm, a provider of intelligent customer service solutions, and enterprise and mobile voice authentication company VoiceVault have integrated technologies for the provision of Voice e-Signatures. Showcased during Money20/20, and recently implemented for a financial industry giant that manages billions of dollars in assets, the technology enables identity verification via a phone or smart device for obtaining and storing customer signatures, the companies said.
After much legal wrangling that saw Morgan Drexen, the now bankrupt debt settlement services provider, and the CFPB filing lawsuits against each other, a judge last week handed down a suspended judgment against Walter Ledda, the company’s CEO.
The Senate has approved a cybersecurity bill that would make it easier for the private sector and governmental agencies to share information about potential cyberthreats. The Cybersecurity Information Sharing Act passed yesterday by a vote of 74-21, after several failed attempts to advance the bill. The House passed a companion bill earlier this year, which means a combined bill soon will be headed for President Obama’s desk.
The U.S. Department of Education released its final regulation regarding Title IV funds disbursement before the Nov. 1 deadline, which means the regulations will go into effect July 1, 2016, and apply to the 2016-2017 school year.
Chase is not the first U.S. bank to launch a mobile wallet—Capital One secured that position earlier this month. But Chase Pay has snagged a huge partner in MCX and, when launched next year, will create a major alternative network.
In the year since token technology made its debut with Apple Pay’s launch, it’s driven some significant new payments innovations, but we’ve only seen the tip of the iceberg of the technology’s full potential in enabling many future applications in “connected commerce” that will radically enrich and improve payments, according to payments industry executives.
Blackhawk Network’s partner gift cards can now be integrated into Samsung Pay, enabling cardholders to manage and spend their gift cards through the mobile wallet.
Cachet Financial Solutions has launched enhancements to its Select Mobile Money prepaid platform with features addressing security and cardholder engagement.
In a decision that effectively classifies bitcoin as a type of currency rather than a good, the European Union’s highest court has ruled that the exchange of traditional currency for bitcoin is not subject to value added sales tax.
Cashfac Technologies, a specialist market leader in bank-to-corporate cash management solutions has launched Cashfac Analytics, a real-time data analysis and reporting module that enables banks and corporates to better understand their cash movements.
Cross-border payments providers looking to drive innovation should focus on solving problems in consumer use cases and getting regulators to help improve—not impede—technology development to streamline global remittances, payments executives said during an introductory panel at Money20/20 in Las Vegas on Sun., Oct. 25.
A year after first unveiling its prototype, smart payment terminal maker Poynt Co. is preparing to go to market soon, company founder Osama Bedier tells Paybefore.
Faster payments programs are live in 18 countries and 12 more are researching and building systems—the U.S. among the dozen.
A glitch in Barclays’ computer systems prevented many of its customers from making payments or withdrawing cash from their accounts over the weekend, the U.K. banking giant said.
The Clearing House has signed a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the United States.
Despite reassurances from UniRush Chairman and CEO Rick Savard earlier this week that the company is working around the clock to address any remaining cardholder issues arising from its recent technology migration, CFPB Director Richard Cordray today offered his two cents on the matter, saying the bureau will use “all appropriate tools at our disposal to help ensure that consumers obtain the relief that they deserve.”
The selfie boom was born in 2003 with the world’s first front-facing camera, and millennials are the first generation to grow up with technology focused on one’s self, bringing new expectations to the meaning of personalized, digital services.
