Prepaid


The Bancorp Sells European Prepaid Operations

The Bancorp Inc. has closed the sale of its European prepaid properties to Neptune International Ltd. The news comes amid a strong quarter for the financial holding company, which reported a net income of $8 million for the first quarter of 2017, compared with a $10.9 million net loss for the same period last year.

How to Grow Prepaid through Financial Well-Being

Prepaid providers are at a crossroads: They can create products that carry relative high fees, or craft consumer-friendly programs that promote financial health. Here’s a case for doing the latter.

‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.

Paybefore Reveals 2017 Pay Awards Winners

Paybefore announced the winners for the 2017 Pay Awards—the most prestigious recognition of excellence in the global prepaid and payments technology industry. Our expert judging panels have made their decisions. Now you can weigh in and help your favorites win the coveted Best-in-Category designation and a spot in the Pay Magazine – Awards Issue.

Cachet, CBKC Take Mobile, Prepaid to Rebar Customers

Cachet Financial Solutions is working with Central Bank of Kansas City again. The two companies, which in March announced a partnership to bring mobile-optimized prepaid programs to community banks, now are working with Rebar Interactive to provide Select Mobile Money-Express, a platform that includes a Mastercard-branded prepaid card.

Webinar recap: for prepaid issuers, agility is a process(or)

In last week’s Paybefore Spotlight Webinar, attendees representing markets from across the globe said the No. 1 challenge to growing their prepaid businesses is differentiation. Find out what experts from Celent’s banking practice and global processor i2c had to say about creating dynamic prepaid products to compete in the changing payments landscape.

CFPB Proposes Delay, Potential Tweaks on Prepaid Rule

Prepaid stakeholders scrambling to meet the Oct. 1, 2017, effective date for the CFPB’s final rule on prepaid accounts can take a breath. The CFPB has proposed delaying the effective date by six months—and has signaled it might be open to tweaking some aspects of the rule.

Prepaid Complaints Remain Low in Latest CFPB Monthly Snapshot

Complaints about prepaid products went down again from November 2016 through January 2017, with the CFPB reporting a monthly average of 206 prepaid-related complaints in that period, down from 237 per month during the same period a year earlier.

Prepaid Gains More Love from Canadians, but Bank Execs Might Have Worries

Reloadable prepaid cards are a hit with Canadian consumers, with 95 percent of them saying they are satisfied with the products in 2016. That represents an increase of 22 percentage points from 2015, and stands as the highest satisfaction rate for all payment tools, according to the second annual survey from the Canadian Prepaid Providers Organization.

Can Sen. Perdue Undo CFPB Prepaid Accounts Rule?

For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”

CFPB Orders UniRush, Mastercard to Pay $13 Million over RushCard Outage

The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.

TSYS Talks FTC Negotiations, NetSpend’s New Products

TSYS-owned NetSpend is negotiating with the Federal Trade Commission over the agency’s allegations that the prepaid provider deceived cardholders and denied or delayed their access to funds, TSYS Chairman and CEO Troy Woods told analysts this week in a fourth-quarter earnings call. TSYS also announced that NetSpend is working on diversification, including the launch of a demand deposit account later this year.