Mobile Solutions Can Assist Underbanked Consumers

According to a report from the Federal Reserve Bank of Boston, innovative mobile banking features can help underserved consumers obtain safe, secure and convenient options that foster financial inclusion.

Retailer Group to Appeal Card Fee Settlement

In the latest development of the ongoing credit card interchange fee dispute between merchants and Visa and MasterCard, the National Retail Federation (NRF) has appealed a $5.7 billion settlement with the payment card networks.

Standards: the middle way

The financial services sector may be heavily regulated, but it is poorly standardised. A British Standards Institute-led initiative to drive more adoption of voluntary standards could reap considerable benefits for the industry.

Innovators’ Spotlight: Womply

San Francisco startup offers merchants a data-driven business insights platform that does the heavy lifting for them.

LEIs and CDOs: why aren’t data professionals taking the reins?

With regulators agreeing that “higher expectations” must be met by G-SIFIs for risk data aggregation and reporting by 2016, firms are now under huge pressure to provide data strategies and implementation plans and end denial about any shortcomings.

The joy of Basel III

Basel III has transformed liquidity risk management departments into glorified regulatory functions, according to a new report by analyst firm Celent. As if this good news was not enough to be getting on with, the research house also inevitably concludes that banks will have to change their risk data, models, appetite, organisational and analytics frameworks too.

Turkey: where worlds collide

For centuries, Turkey has stood at the crossroads of Europe and Asia. While the country is leading the way in mobile banking, its infrastructure reflects a culture where minarets mix with mobile masts and ATMs compete for space with ancient monuments.

FSAs Could Get Bump as Treasury Loses ‘Use-or-Lose’ Rule (Nov. 20, 2013)

The No. 1 barrier to consumer adoption of flexible spending accounts (FSAs) has been removed. The U.S. Treasury and IRS on Halloween announced they were changing their stance on the so-called “use-or-lose” rule, enabling consumers for the first time to rollover up to $500 from their FSAs instead of forfeiting those funds back to their employers.

Keeping the customer profitable

Separating customer billing from core systems can have dramatic effects on the bottom line – a study by Boston Consulting Group at one bank found that 17% of clients were unprofitable.

Cordray: ‘Change is Coming’ to Prepaid Card Industry (Nov. 14, 2013)

Change is coming to the prepaid card industry, whether by regulation or legislation, Consumer Financial Protection Bureau Director Richard Cordray promised lawmakers this week at a Senate Banking Committee hearing, but he declined to provide a timetable. “[Prepaid cards] are one of the problem areas in consumer financial protection because they’re a hole in the […]

Payroll Card Industry Could See More Static, Legal Experts Warn (Nov. 7, 2013)

Payroll card industry participants should brace for more potential negative news as lawmakers and plaintiffs’ attorneys around the U.S. continue fishing for outlier examples of payroll card abuse, observers say. The industry’s antennae shot up earlier this week when Pennsylvania lawmakers followed through on an earlier promise and proposed legislation to ban payroll cards. Separately, […]

House Dems Propose Pair of AML Measures (Oct. 28, 2013)

Two House Democrats have proposed measures to crack down on money laundering by deterring the use of shell corporations and giving regulators the authority to hold bank executives accountable for misconduct taking place on their watch. The first bill, proposed by Rep. Maxine Waters (D-Calif.), would strengthen the government’s ability to charge individuals with violations […]

EU High Court Weighs in on Austrian Mobile Surcharge Case (Oct. 28, 2013)

A law prohibiting surcharges on certain types of payments should apply to mobile carriers, an adviser to the EU’s Court of Justice told the Austrian Supreme Court, which is currently deliberating an appeal by T-Mobile after the carrier’s surcharges were ruled illegal by lower Austrian courts. The case stems from a lawsuit filed by a […]

ECB Cautions against Last-Minute SEPA Migration (Oct. 24, 2013)

The European Central Bank (ECB) is calling the next three months critical for stakeholders still needing to migrate to the Single Euro Payments Area (SEPA) for electronic payments transactions. The deadline for migration to SEPA credit transfer (SCT) and SEPA direct debit (SDD) schemes is Feb. 1, 2014. “Everybody has to be ready . . […]

Cyberspace: beyond the rule of law?

Cybersecurity and cyber espionage have been in the headlines the past few years as leaked stories relating to government-sponsored activities have appeared and sabre rattling between aggrieved nations has moved to the public domain. At the same time an increased volume of distributed denial of service attacks (DDoS) on banks and other institutions carried out […]

CFPB: CARD Act Saved Consumers Billions, But Some Concerns Remain (Oct. 3, 2013)

The credit card industry has largely cleaned up its act in the four years since sweeping new federal rules took effect, though some concerns remain, the Consumer Financial Protection Bureau concluded this week. The CFPB’s 102-page report on the impact of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) passed in 2009 found […]

CFPB, Lawmakers Continue Campus Card Examination (Oct. 1, 2013)

The Consumer Financial Protection Bureau yesterday hosted a Banking on Campus Forum in Washington, D.C., as part of its ongoing investigation into campus cards. Some college students said they feel pressured into using specific financial products—which can include student ID cards that double as debit or prepaid cards and are used to access scholarships and […]

Trade: adjusting to a new direction of travel

As trade flows shift across regions and economic headwinds blow, the trade finance business is facing challenges. Anne Queree examines how correspondent banking networks are adapting

Talking Heads: RMB internationalisation

As the Chinese Government continues its phased internationalisation of the renminbi, financial institutions are evaluating their strategies. Daily News at Sibos asked some Sibos delegates what financial institutions need to do to take full advantage of the opportunities offered by RMB internationalisation.

Operational risk: Hell is other people

As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls

Innovation: there is a better way

Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.

Corporate actions: standard and deliver

The complexity of corporate actions has stymied automation efforts for more than a decade. But there could be light at the end of the tunnel …

Talking Heads: this year’s model

How is the global custody and asset servicing model changing? Will consolidation occur? What do clients want? Daily News at Sibos finds out

Talking Heads: the financial crisis

Crawling from the wreckage – Daily News at Sibos asks whether the industry will experience another Lehman Brothers-type crisis. Have market participants learned their lesson?