The rise of Facebook has been one of the most striking cultural phenomena of the past decade. In January 2007 the site had around 25 million users. But by July 2014, Facebook had reached 2.2 billion users; a number equivalent to one out of every three people on this planet. Meanwhile, Twitter had emerged as the platform of business and news, with 500 million posts ‘tweeted’ daily by its 271 million active users.
A lack of available collateral to meet demand has become a global problem, with various models being deployed to ensure financial institutions meet the changing regulatory requirements.
The debut of SAP’s Financial Services Network at Sibos last year led many to see it as a threat to Swift’s plans for corporate connectivity.
In a recently published white paper on intraday liquidity reporting*, Swift urges financial institutions to initiate programs now to address serious challenges with regard to data availability, centralisation, aggregation and interpretation in meeting Basel Committee guidelines. Greater industry collaboration will also help to accelerate moves towards cost effective and sustainable models and solutions.
The growth of peer to peer lending demonstrates that there is an alternative to the traditional lending model of banks. But can crowd funders ever replace the incumbents and do they enjoy long-run advantages or face being co-opted?
Changing trade patterns and attempts to ‘de-dollarise’ international commerce are changing the landscape of trade finance, as new partnerships emerge.
Building a single regional market is a goal for many groups of nations; however Europe’s development of a single settlement platform is the only effort to come to fruition.
Forget Bitcoin, cryptographic payments networks will be the real game-changer, according to many people working in the payments world.
Data in all its forms and access to it in real time is becoming ever more critical as financial institutions seek to manage myriad risks.
Crypto and virtual currencies have garnered plenty of headlines in the past couple of years. Now financial regulators around the world are turning the spotlight on these instruments and attempting to bring them into the legal fold.
Change is a theme at this year’s Sibos. But what type of change? A cross-section of delegates discuss what they think will be the main disruptive forces in their part of the business.
One of the most attractive cities in the US, Boston is also steeped in history: get your walking shoes on and explore the many historical and culinary delights of the Sibos 2014 host city.
While mobile commerce and payments have been slow to take off in Western countries, the developing world has been stealing a march with innovative services and products.
In early September, cloud computing stories finally became interesting as an apparent hacking attack on Apple’s iCloud released hundreds of photos of ‘celebrities’ in the nude. It was a perfect story for the mainstream media, combining celebrities with nudity and a bit of unintelligible (to them at least) technology thrown in for good measure. Among […]
A key payments industry group is throwing its support behind tokenization—with a few caveats as to the hurdles that remain before broad industry adoption can occur, including coordinating different tokenization models.
The Government Accountability Office (GAO) has determined that the CFPB must take additional measures to mitigate risk of “improper collection, use or release of consumer financial data,” according to a recently released report.
The European Union’s Court of Justice has ruled that interchange fees charged for cross-border card payments by MasterCard were too high, bringing an end to a seven-year court battle over the fees.
Home Depot confirmed suspicions that it is the victim of a customer data breach.
The NBPCA responds to the CU report on student cards.
The startup behind three little letters that could be a very big deal in contactless payments.
As delegates finalise their plans to attend Sibos in Boston this month, Chris Church, chief executive Americas and global head of securities at Swift, discusses what they can expect
The CFPB has finalized its remittance transfer rule requiring remittance transfer providers to disclose certain third-party fees and any exchange rates applicable to the transfer.
India’s central bank now requires all card-not-present transactions for purchases within the country to be routed through a bank in India, with funds settled only in Indian currency.
From Senegal to the Seychelles, and Botswana to Uganda, new demands and new opportunities are emerging in Africa, but there are still challenges
Letter writing among U.S. lawmakers has been fast and furious lately as they try to influence how the U.S. Department of Education handles new rules governing universities’ and colleges’ arrangements with financial service providers that deliver financial aid dollars.
This summer, regulatory pressure on financial services firms has ratcheted up to unprecedented levels. Many may have breathed a sigh of relief as Dodd-Frank rule-making slowed … but the respite was only fleeting. Since July, the industry has been bombarded with 39 new consultation papers in the EU and UK alone
The CFPB is focusing on universities in the Big Ten Conference to see if these schools, some of the largest in the U.S., have appropriately disclosed their agreements with financial institutions regarding the financial products they offer their students. “Making these agreements available for all financial products shows schools’ and companies’ commitment to transparency, helping […]
MetaBank has been released from its Consent Order by the Office of the Comptroller of the Currency (OCC), according to an announcement by the bank’s parent company, Meta Financial Group.
Many mobile apps used for shopping don’t provide consumers with enough information before they download them to their smartphones, according to the FTC.
Paybefore typically confines discussions about state legislative and regulatory activity to the State Tracker section of Pay Gov. But after we published Pay Gov yesterday, Illinois passed a law that explicitly allows payroll cards in the state, subject to certain conditions.
Cross-border payments in the Eurozone have reached a milestone, with Aug. 1 marking the migration deadline for all credit and direct debit transfers to comply with Single Euro Payments Area (SEPA) requirements.
Debit card-initiated overdrafts are leading to disproportionate charges for cardholders, with fees often larger than the overdraft amount, according to a new report by the CFPB.
After a decade of being the ATM maker you’ve never heard of, Diebold is returning to Europe and a year into his tenure as president and chief executive at the firm, Andy Mattes thinks that the company’s profile is about to change.
Federal officials are warning retailers about a new form of malware that hackers could use to access POS systems and steal consumer data.
The CFPB wants to expand its Consumer Complaint Database to enable consumers to provide a narrative with their complaints about financial services.
The merchant plaintiffs in a lawsuit against the Federal Reserve Board of Governors have been granted another extension to petition the U.S. Supreme Court to hear the case.
With the Canadian government planning to phase out paper checks by 2016 for federal benefits recipients, half of Canadians who are unwilling to use direct deposit would be willing to try receiving their benefits on a reloadable prepaid card, according to a public opinion report released earlier this year and commissioned by the Public Works and Government Services Canada (PWGSC).
Regulators across the globe appear divided on the question of whether tighter control of algorithmic trading is necessary: the Australians are pretty laid back about it, the Germans are ahead of the game, while political debate rages in the US …
As China prepares to open an options market for the first time later this year, big changes are afoot in Asia’s biggest market. French trading technology specialist Horizon Software talks to Banking Technology about the kind of tools that will be needed to liberalise the Chinese economy.
The Supreme Court ruled today to throw out President Obama’s recess appointments to the National Labor Relations Board (NLRB) as unconstitutional. CFPB Director Richard Cordray was appointed the same day but has since been confirmed by the Senate, suggesting the ruling will have little or no effect on the CFPB.
