EU-wide Interchange Fee Regulation (IFR) goes into effect in December, and the U.K. government is seeking industry input on its implementation of the interchange caps and related provisions.
The CFPB has taken action against two companies over what the agency says were illegal practices related to student loans and financial aid information.
Visa Inc. has confirmed it’s in negotiations to acquire Visa Europe in what could be a $20 billion deal. Visa expects to resolve discussions about the possible acquisition in October and provide an update about its decision during the company’s fourth quarter earnings report.
CurrentC—the mobile payments service backed by a consortium of major retailers—reportedly will launch next month, and curiosity is running high about how the merchant-centric app will stack up against Apple Pay and other emerging mobile wallets.
After more than a year of rumors, it appears Square finally could be taking the plunge and going public. The m-POS pioneer—which has been expanding steadily into other verticals—has filed confidentially for an IPO with the SEC, according to Bloomberg, which cited sources with knowledge of the plan.
The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.
While the role of bitcoin itself is still in question, there is a growing industry consensus that the blockchain—bitcoin’s underlying technology—may become to value, what the Web has been to information. And, the gift card industry may be the first to reap the benefits.
Last year’s cyberattack on JPMorgan Chase may have been part of a scheme to manipulate stock prices rather than to steal personal financial data, according to a new report.
Mobile money transfers are projected to balloon nearly 150 percent this year, with social media services driving much of that growth.
Payveris LLC, a digital payments company serving banks and credit unions across the U.S., has announced that it has completed its move to a new corporate headquarters.
Some cybercriminals are geniuses, I’m sure, but my recent personal experience with fraud suggests there is a gaping chasm between the promises of high-tech fraud-prevention methods and the existing, low-tech reality.
Less than a decade after a private equity firm took the company private, First Data Corp. announced Monday it has filed documents with the SEC relating to an IPO of its common stock.
Government agencies disbursed a total of $139 billion through prepaid cards in 2014, according to the Federal Reserve’s latest annual report on government prepaid programs.
As the Dodd-Frank Act turns 5 today, the CFPB is making good on its consumer protection mandate, announcing today a new enforcement action.
PayPal’s stock rose more than 5 percent on its first day of trading as an independent company, bringing its total market capitalization to about $50 billion, making it an even more potent force in the red-hot payments M&A arena, observers say.
Meta Financial Group Inc. and bank subsidiary MetaBank are getting ready for tax season early with the acquisition of Fort Knox Financial Services Corp. and its subsidiary, Tax Product Services. The deal, valued at approximately $50 million, bolsters Meta’s business in the tax refund prepaid card vertical.
Faster payments could be the key factor in getting U.K. consumers to switch bank accounts, a new report says. In a study commissioned by ACI Worldwide, 45 percent of 2,000 of consumers polled in the U.K. said the prospect of faster and more convenient electronic payments would encourage them to consider moving their accounts to a different bank.
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Nearly half of UK consumers say that faster payments are a factor in their choice of back account provider, with 45% saying that the offer of faster electronic payments would encourage them to switch their bank account provider.
Apple Pay this month has reached a new milestone: More than 1 million U.S. merchants now accept the m-payments service, according to new data from Ingenico.
Sri Lanka’s largest telco, Dialog Axiata, is partnering with MasterCard joint venture HomeSend to enable mobile remittances to the country, which represents a US$7.2 billion money transfer market.
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
Commerzbank has extended its existing credit card processing contract with Worldline for a further seven years. Since 1998 Wordline has provided the bank with an end-to-end processing service that includes complete processing of all the bank’s issued Visa and MasterCard cards.
BNP Paribas has become a direct participant in CHAPS, the UK’s same day high-value electronic payment system, the 22nd bank to join in this role. More are expected to join by the end of 2016. As a direct participant, the bank can directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.
A ‘Babel Fish’ for financial messaging has been launched by Volante Technologies with the intention of simplifying corporate-to-bank integration and removing obstacles to on-boarding. Like the fictional universal translator from Hitchhikers’ Guide to the Galaxy, the system translates incoming message formats into something that the receiver can understand.
The Payment Systems Regulator, the new economic regulator for UK payment systems, has appointed Ruth Evans as the chair of the Payments Strategy Forum. Evans is currently chair of The Authority for Television on Demand, the independent co-regulator for the editorial content of UK video on demand services.
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
Green Dot Corp. today opened the doors to Green Dot Shanghai Software Technology Co. Ltd., a wholly owned subsidiary located in the Zhangjiang Hi Technology Park in the Pudong district of Shanghai.
Apple Pay went live today in the U.K., and analysts say its prospects of catching on with consumers are promising, at least from the hardware perspective.
First Data Corp. has made another move to bolster digital gifting options for its retail clients, acquiring digital gift card platform Transaction Wireless Inc. (TWI).
It’s now law, but not all of the act is in force yet.
Regulated entities that verify identity in connection with the issuance of stored value cards may find more flexibility in the principle-based approach to identity verification outlined in the proposed regulations.
Apple Pay has launched in the UK without the participation of HSBC and Barclays, two of the UK’s largest retail banks.
As retailers prepare for the year’s biggest gifting season, there are some key principles to guide digital gifting strategies that maximize revenue and loyalty.
Efforts to combat money laundering and terrorist financing have succeeded in making life difficult for criminals seeking to engage in those activities, according to a pair of reports from the Treasury Department.
American Express may be not be the first among its rivals to introduce streamlined online checkout, but its new service features a sleek shortcut for users that could be a key advantage in driving adoption.
MetaBank, through its Meta Payment Systems division, has announced an agreement to be an issuing bank for Atlanta-based InComm’s prepaid card programs.
The ‘digitisation’ of banking provides an opportunity for banks to improve their treasury service offerings as they face a second wave of digital expectations from key corporate customers, according to a report from analyst firm Celent.
advances in technology, and particularly consumer demand, are driving change and making the payments environment an interesting place to be in the years ahead
Public sector programs usually offer predictable loads and transaction volumes, and that information can be a plus. But reliable load patterns don’t guarantee overall success, especially if you price yourself out of profitability and sustainability.
