Senator Menendez Strikes at Prepaid Again

It’s almost become a holiday tradition for Senator Robert Menendez (D-N.J.) to propose prepaid legislation in December. His previous three attempts went nowhere, but this time he proposed his bill in November. Still, more pressing issues, such as spending and cybersecurity, may keep his measure on the back burner for now.

EU Fee Caps Effective Today (Dec. 9, 2015)

The European Union’s cap on fees banks can charge retailers for processing credit and debit card payments went into effect today, but there are some questions whether the measure will have the desired effect.

House Committee Applauds Mobile Payments Innovation (Dec. 2, 2015)

In a Congressional hearing yesterday, lawmakers examined the role mobile payments technologies are playing in disrupting traditional payments, paying particular attention to how mobile has increased payments security and enabled small businesses and underbanked consumers to access electronic payments.

Gift Cards, E-Commerce Drive Holiday Shopping

U.S. shoppers flocked to physical and online stores during the Thanksgiving weekend, with more than 151 million Americans shopping in-store and/or online, based on data from the National Retail Federation. The shopping frenzy is expected to continue, with Cyber Monday deals projected to drive 121 million U.S. consumers to shop online. Average spending per shopper was $299.60, and gift cards were especially popular, comprising a whopping 76.6 percent ($229.56) of that average total.

ERPB Approves Instant Payments Plan (Nov. 29, 2015)

Instant payments are a step closer to becoming a reality in Europe, now that the European Payments Council (EPC) has submitted and received approval on its proposal for the design of a pan-European instant credit transfer framework.

Losing the risk management war

It’s no secret that past risk management practices and regulatory frameworks failed with respect to the global financial crisis. There were a number of reasons behind this, ranging from an overreliance on quantitative analysis to poor risk governance and frameworks, not to mention a lack of understanding around concentrated risk build-up such as leverage, convexity […]

Getting fintech on bank CIOs’ radar

It is a well-known fact that banks have two types of technology: Cold War-era IBM mainframes running Cobol-based batch programmes and Evil Genius HFT systems. The mundane truth is that any financial services operation will have a range of hardware and software systems of different vintages and spend a lot of time and money living with the consequences.

Study: CMOs Predict Modest Increase in Holiday Sales

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.

Viewpoint: Virtual Currency State Roundup

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.

Breaking News: CFPB’s Cordray Weighs in on RushCard (Oct. 23, 2015)

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.”

NRF: Gift Cards (Again) are Most Wanted for the Holidays

The National Retail Federation’s annual holiday survey puts gift cards on top as the most requested holiday gift for the ninth consecutive year. Plus, consumers share plans for their most mobile holiday shopping season yet.

Is everybody API?

Competition from financial technology companies and regulatory changes are forcing banks to adopt APIs to provide access to client information, which has many implications across the industry.

It’s not who you know, it’s what you know

Sluggish economic growth in developed nations means attention is still focused on the growth markets of the Brics nations. As intra-regional trade grows, local knowledge is becoming a valued commodity.

From tiny acorns …

From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.

Retailers Continue to Challenge Interchange Fee Settlement

Target Corp., Amazon.com and a host of other retailers continue to challenge MasterCard, Visa and several large banks over the terms of a $7.25 billion settlement reached in 2013. The settlement was supposed to end the retailers’ claims that the banks and MasterCard and Visa artificially inflated interchange fees. Several of the largest retailers, however, […]

The path to a post-trade utility

Shared utilities could save institutions as much as 40% of their current processing costs, but there are challenges to implementation.

The value of utility

Compliance obligations are increasing for financial institutions. A utility approach to the issue is gaining favour …

Finding the right fit

Trade finance plays an important role in helping to grease the wheels of the global economy. A largely paper-based process, effort is being put into finding ways to automate and improve processes for banks and corporates. 

Building a new risk architecture

It seems that at each Sibos, certainly since the financial crisis of 2008, a regulatory deadline is looming large. This year’s model is the Basel Committee on Banking Supervision’s (BCBS’) 11 principles for effective risk data aggregation and risk reporting (BCBS 239), with which globally systemically important banks (GSIBs) must comply by 1 January 2016. However, a report on the progress of adoption reveals a lack of preparedness.

Meeting the need for speed

Real-time payments systems and infrastructures are being rolled out globally. What impact will they have on financial institutions? How fast is too fast? Daily News at Sibos asked delegates where the trend is heading …

The instant catalyst

Immediate payments are acting as a catalyst for banks to add value and develop holistic payment solutions. In this extract from World Payments Report 2015, the impact of immediate payments on banks’ offerings is examined

Rearranging risk

Pushing more complex products towards mandatory central clearing may increase the risks to which CCPs and clearing members are exposed. Frances Faulds examines whether CCPs can continue pooling risks in a safe and efficient way

Keeping it real

Global interoperability of real-time payments systems will require harmonisation of market practices and standards.

Chips off the old blockchain

The distributed ledger is one of the hottest topics in financial services. Born out of the crypto-currency bitcoin, the blockchain concept has gone mainstream and the first area to feel the impact is likely to be payments.

ISO 20022: Working in Harmony

Despite celebrating its 10th birthday in 2014 – or perhaps because of it – the number of variations of ISO 20022 being deployed is prompting concerns that it is rapidly becoming less useful as a standard. There is increasing recognition that differences in implementation and market practices could lead to a fragmentation of the standard.

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