The capital markets industry continues to be amongst the top data driven industries. Electronic trading generates millions of market messages during a given day. With diminishing returns in high-frequency trading, focus has shifted from high-speed trading to looking for patterns in large volumes of market data for financial information and use cases.
BIAN – the Bank Industry Architecture Network – has made further progress in its efforts to promote banking system standards internationally with the US First Niagara Bank and Computer Sciences Corporation and Japan’s Nomura joining as members.
Looked at from a data perspective, many new regulations have overlapping requirements that come back to customer data. Banking Technology joined forces with Markit І Genpact KYC Services and regulatory specialist JWG to look at how firms are approaching the challenges this poses.
The Genius Issue: Ideas, Technology, People Remaking Reload Networks; 2014 Paybefore Awards: Innovation in 20+ Categories; What Keeps Regulators Awake at Night
Core banking system replacement projects are notoriously difficult and disaster-prone, but successful legacy migration and systems modernisation can be shown to improve profitability, at least for smaller banks.
GPR and payroll providers may be eager to take advantage of what the CFPB estimates will be $17 million in annual saving across the financial services industry. The proposed rule, however, may not be a real option for prepaid providers.
Bank account fraud in the UK increased 48% in the first four months of this year, with a 57% rise in the number of identity frauds compared to the same period last year.
More pieces of the U.S. EMV quilt were stitched together this week with announcements from PULSE, MasterCard, FIserv and CPI Card Group.
Incentives may be working for Isis, which says consumers activated an average of 20,000 mobile wallets per day over the past 30 days. But activations don’t necessarily equal continued usage.
“Winners” will be those platforms that are flexible enough to accommodate the breakneck pace of technological advancement.
The central bank has pulled back on a mandate requiring new POS and ATM terminals to include biometric authentication. However, it’s also enabling prepaid providers, for the first time, to offer cashout at biometric terminals.
It’s never been more important for merchants to find out what matters to consumers and figure out how to fulfill those needs, Patrick Gauthier, PayPal’s head of emerging services, told attendees at CARTES Secure Connexions America yesterday.
Mercury Payment Systems Inc.’s IPO plans came to a screeching halt when Vantiv Inc. on May 12 announced a deal to acquire Mercury for $1.65 billion.
Regulators want banks to modernise their IT systems to remove risk, but despite evidence that this will also improve profitability, few are making the leap.
Same-store spending on credit, debit, EBT, closed-loop prepaid cards and checks, gained 4.1 percent in April over last year, and prepaid spending showed the highest dollar-volume increase at 6.9 percent compared with credit (4.3 percent) and signature and PIN debit (4.5 and 4.1, respectively). Check volume fell 2.7 percent.
Paybefore Award-winning processor and program manager StoreFinancial is adding two payments veterans to its management team and focusing on growing its corporate payments business after a material equity investment from a Kansas City-area private investor group.
Square, no stranger to experimentation, this week surprised observers by pulling its Square Wallet from the Apple and Google stores three years after its launch and introducing an order-ahead app for cafes and restaurants.
Apple Inc. is joining the push to accommodate EMV cards in its stores with its EasyPay m-POS, which uses a special iPhone case made by VeriFone that employees may use for customer checkout.
The U.S. may be one of the world’s last markets to migrate to EMV, but the cool new EMV tools available for issuers could be the silver lining to waiting so long.
Facebook has already conquered the social media sphere—and now there are signs the company is seeking to capitalize on its global ubiquity and massive user base to make a splash as a money transfer service, recently partnering with financial service providers on transfer initiatives around the globe.
Nathalie Reinelt has joined Aite Group as an analyst on the retail banking team.
Better ATM Services, a Mesa, Ariz.-based ATM technology provider, has announced changes to its leadership team.
The Bitcoin Foundation, a nonprofit institution founded to promote bitcoin use, has appointed Mark Woods affiliate director, and Kevin Beardsley director of membership.
First Data Corp., an Atlanta-based payments processor, has appointed Christopher Foskett head of global, strategic and national accounts.
i2c Inc., a provider of payment processing and emerging commerce solutions, announced that Scott Salmon has joined the company as general manager, international, to lead i2c’s continued growth in Asia-Pacific, Central Europe, Middle East and Africa.
Leaf, creator of a m-POS tablet, has appointed Sarah McCrary CEO.
Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has hired Dan O’Malley as executive vice president and chief operating officer.
Minneapolis-based retailer Target Corp. has hired Bob DeRodes as executive vice president and chief information officer.
TSYS, a Columbus, Ga.-based processor, has announced the retirement of James B. Lipham as senior executive vice president and chief financial officer effective June 30, 2014, and the TSYS board of directors appointment of Paul M. Todd to take over the role.
YapStone, a Walnut Creek, Calif.-based provider of Web and mobile payment solutions, has appointed Kelly Kay president and chief operating officer.
As contactless and mobile payment methods continue to grow, building societies and other financial institutions need to avoid being complacent about new technology, according to senior delegates speaking at the BSA annual conference in Manchester this week.
The work corporates are doing to streamline cash management processes should not end with SEPA implementation, says. Indeed, the principles and ideas underpinning SEPA can inform progress even in the most challenging markets.
With the Asia-Pacific, Middle East and Africa (APMEA) region among MasterCard’s strongest prepaid growth markets, the payment network is launching a new prepaid card program in Japan that has the potential to reach 34 million customers.
The spring and summer months boost gift card sales as consumers plan to buy them for a variety of occasions, including Mother’s Day on Sunday.
While the logjam over EMV debit routing may finally be breaking up, it remains unlikely that EMV will reach the mainstream ahead of the liability shifts the payment networks plan to implement in October 2015.
Suggesting that investments in digital currencies, such as Bitcoin, might carry with them a higher risk of fraud and a harder time recovering losses in the event of fraud or theft, the SEC yesterday issued an investor alert regarding the decentralized P2P currency.
Although this lawsuit involves lending practices, the industry would be wise to pay close attention because of its UDAAP implications, which are applicable to all entities the CFPB regulates.
Amazon blazed a fresh trail into social media this week with the debut of its new Twitter shopping feature enabling users to add items to their Amazon shopping carts directly from Twitter feeds.
Rules issued last December by Canada’s Department of Finance affecting open- and closed-loop prepaid cards went into effect May 1.
San Diego-headquartered Quippi is taking the fees out of remittances by offering gift cards that can be purchased online or in-store in the U.S. and redeemed by recipients in Mexico.
