Features


Infographics: the fintech landscape

It’s infographics time! A great compilation of fintech companies, showing how we’ve gone from graph paper to personal data algorithms – and everything in between.

CFPB Fights Court’s Ruling that Its Structure Is Unconstitutional

The CFPB has filed a motion for a rehearing before the entire appellate court after a three-judge panel of the D.C. Circuit Court of Appeals sent shockwaves in October when it determined the structure of the bureau is unconstitutional because it’s led by a single director who can only be removed by the president for just cause.

Supreme Court Grants Consumers Standing in ATM-Fee Lawsuit

The U.S. Supreme Court on Nov. 17 ruled in favor of allowing an antitrust class-action lawsuit against Mastercard, Visa and their bank partners proceed after a lower court ruled that the consumer plaintiffs had no standing, according to a Reuters report.

Trump Win Results in Battle Lines Being Drawn

Republican legislators and business associations, emboldened by Donald Trump’s successful presidential bid, have set their sights on the CFPB, an agency that’s been in Republicans’ crosshairs since the day it was created as part of the Dodd-Frank Act. Meanwhile, retailers are calling on Congress to steer clear of introducing legislation that would repeal financial services reforms they say are critical to U.S. businesses and consumers.

Cheques: the age of dinosaurs

There is little doubt that there is some very innovative work being carried out in the payments world. Digital technologies, including distributed ledger and artificial intelligence, are beginning to be applied to retail and corporate payments. But in the age of digital finance, a dinosaur of payments – cheques – persist.

NetSpend Squares Off with FTC over Prepaid Card Access

The Federal Trade Commission has charged NetSpend with deceiving cardholders and denying or delaying their access to funds, but the prepaid provider says any delays stem from federal regulations and that consumers are not being deceived.

Blacklisted

Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!

Industry Views: What Trump’s Win Means for Payments

With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?

Tesco Bank Security Breached; Money Pilfered from 20,000 Accounts

U.K.-based Tesco Bank was the victim of a security breach over the weekend that exposed thousands of customer accounts, half of which had money removed. The bank’s fraud security systems detected “suspicious activity” Nov. 5, affecting approximately 40,000 accounts, and 20,000 of those accounts had money stolen from them, a Tesco Bank spokesperson tells Paybefore.

Blockchain is not just for banking… insurance wants it too

There has been a tremendous amount of excitement and discussion about the potential of blockchain technology to transform the financial services industry and beyond. But the only thing that is clear at the moment is that there is still a lot of work to be done to implement wide scale use cases, clear up any regulatory uncertainly or barriers and educate institutions and employees about the technology and its potential.

Payroll Card Bill Passes in Pa. amid Court Decision against Employers

A Pennsylvania appeals court has sided with McDonald’s employees, deciding that the owners of 16 franchises were in violation of the state’s Wage Payment and Collection Law (WPCL) by requiring employees to be paid with payroll debit cards. The court filed its decision Oct. 21, 2016, which stems from a 2013 lawsuit—consisting of a class of 2,380 current and former employees, according to Law360—alleging that franchise owners Albert and Carol Mueller made it mandatory that employees’ wages be paid through payroll card rather than cash or check.

Payments and blockchain: Pilotville

The payments industry went just a bit blockchain bonkers at this year’s Sibos. Distributed ledger technology (DLT) was a hot topic throughout the week. This was quite astounding given there are very few examples of working blockchain or DLT use cases; most of the initiatives under way are proofs of concept.

Smart Card Alliance Calls for More Secure IoT Devices

In the wake of a massive distributed denial-of-service (DDoS) attack that shut down hundreds of Websites in October, the Smart Card Alliance has issued a warning on the “critical need” to ramp up security on hundreds of thousands of Internet-connected devices. It’s those devices—which range from cars to refrigerators and make up the Internet of Things (IoT)—that hackers are hijacking and incorporating into their botnet attacks, making attacks large enough to overwhelm Websites’ defenses—as was the case in the most recent attack, which affected major Websites including Twitter, Netflix and Spotify, among others.

N.Y. Facing BitLicense Backlog after Lawsky Departure

New York State’s pioneering BitLicense program could be losing momentum after the departure of New York State Department of Financial Services (NYDFS) head Benjamin Lawsky last year. The state has issued just two BitLicenses since enacting the program in June 2015, shortly before Lawsky left the agency. Another 15 licenses are pending, while four applications have been withdrawn and four others have been denied, according to Reuters, citing an NYDFS spokesperson.

Fed Seeks Industry Input on Payments Security by Nov. 8

As part of its mission to improve the U.S. payments system, the Federal Reserve’s Secure Payments Task Force is seeking industry input on ways to beef up security. Industry members can provide comment through online surveys, which are separated into the task force’s three areas of focus: payment identity management, information sharing for the mitigation of payment risk/fraud and data protection.

Next-generation virtual data room launched by Drooms

No more drowning in tons of paper and receiving eye-watering bills from lawyers – Drooms introduces a brand new virtual data room, Drooms NXG. The work is a result of a two-year development, says Jan Hoffmeister, managing director and co-founder of Drooms, and features self-learning software and automatic translation from core European languages to English. […]

CFPB Snapshot: Prepaid Complaints Drop 21% from Previous Month

It may come as no surprise that the CFPB’s latest monthly complaint snapshot released Oct. 25 focuses on complaints related to prepaid products, considering the agency released its long-awaited final prepaid accounts rule earlier this month. But despite the bureau’s contention that “the report shows that consumers continue to experience issues trying to manage their accounts and access funds,” prepaid-related complaints to the bureau dropped 21 percent in September.

In NFC Fight, Australian Banks Call Apple’s Security Claims ‘Baseless’

A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.

Mala Fide Intentions

Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 fraud prevention software) and the forces of evil (fraudsters). Based on real events and guaranteed to keep you on the edge of your seat!

Federal Appeals Court Declares CFPB Structure Unconstitutional

The U.S. Court of Appeals for the District of Columbia Oct. 11 deemed the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional because of it being led by a single director, calling the bureau a “gross departure from settled historical practice” in which independent agencies are led by commissioners or board members, according to the court’s decision.

CFPB Fines Navy Federal Credit Union $28.5 Million

The CFPB has fined Navy Federal Credit Union $28.5 million for improper debt collection action. That breaks down to $23 million going to victims and a $5.5 million civil penalty, the federal consumer agency said.

Intense Industry Reaction Quickly Follows CFPB Prepaid Rules

The CFPB might have taken two years to release its final rules on prepaid accounts, but it took little time for payments industry players and observers to weigh in on them. Within a day of the rules’ release, which go into effect Oct. 1, 2017, prepaid services giant Green Dot Corp., the Independent Community Bankers of America (ICBA), the Consumers Union and the Network Branded Prepaid Card Association (NBPCA) all had issued official comments, covering the spectrum of support for the new mandates.

Facebook Co-Founder among Targets in Jumio Lawsuit

A shareholder of ID verification startup Jumio Inc. has sued company officials over alleged mismanagement and misrepresentation of the firm, which filed for bankruptcy in March 2016. In a lawsuit filed in Delaware, Bloso Investments Ltd., alleges that Jumio directors, including Facebook co-founder Eduardo Saverin, made deliberately misleading statements about the company’s prospects, duping Bloso into investing $5 million in Jumio.

Diversity in fintech: finding the next Ada Lovelace

Niamh de Niese, a new director and head of BNY Mellon’s EMEA Innovation Centre, shares her views on diversity in fintech, Ada Lovelace (often regarded as the world’s first computer programmer) and how to encourage more women into the science, technology, engineering and mathematics (STEM) professions.

Sibos 2016: future proofing payments

The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.

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