Credit-Scoring Pilot Offers a New Look at 15 Million Consumers (April 6, 2015)
The quest to use alternative data to score thin- or no-file consumers continues with a new program being led by FICO, LexisNexis Risk Solutions and Equifax.
The quest to use alternative data to score thin- or no-file consumers continues with a new program being led by FICO, LexisNexis Risk Solutions and Equifax.
The U.S. continues to lead e-commerce sales with expected revenue of $349.2 billion in 2015—compared with a combined $254 billion in projected sales in eight European countries, according to a report.
Two agents involved with the investigation of Silk Road, a Website that backed bitcoin transactions and was shut down by the FBI, face federal charges of money laundering and wire fraud, among other alleged crimes.
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
Customer usage of mobile bill pay has grown substantially over the past year, but many billers aren’t keeping up with how their customers want to pay, according to the “Third Annual Biller Mobile Bill Pay Benchmark Study,” commissioned by Fiserv Inc., a global provider of financial services technology solutions.
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
Two enhancements to the Current Account Switch Service (CASS), announced in the Chancellor’s Autumn Statement last December, have been successfully implemented by the banking industry.
Avaloq, DBS, Leonteq and Numerix have signed a letter of intent for the implementation of an integrated multi-issuer investment products distribution system. The cooperation will enhance the offering and distribution of structured investment products. Through this initiative, Avaloq connects the IPDS to the Avaloq Banking Suite, with DBS as the pilot bank. For the first phase, the new platform will focus on the Asia Pacific region.
Law firm K&L Gates has named Ori Lev a partner in the firm’s consumer financial services practice.
Fiserv Inc., a global provider of financial services technology solutions, has hired financial crime risk management analytics and technology experts Timothy J. Grace and Manuel “Mannie” Da Silva.
Angela Brown, CEO and president of payment processor Moneris Solutions Corp., has received the 2015 Distinguished Payments Professional award from the Electronic Transactions Association.
PSCU, a credit union service organization based in St. Petersburg, Fla., has appointed Chuck Fagan president and CEO.
Raphaels Bank, a U.K.-based issuer of prepaid and other payment cards, has bolstered its card services team with four appointments who bring regulatory and compliance-related skills, along with additional client support.
TSYS announced that Ken Tye has decided to retire as senior executive vice president and chief information officer after 43 years of service, effective Sept 30, 2015.
WilmerHale has announced Michael Gordon is rejoining the law firm next month as partner in the Washington, D.C., office, expanding WilmerHale’s consumer finance regulatory and enforcement capabilities and congressional investigations experience.
The International Swaps and Derivatives Association has published a set of derivatives trading principles, which are part of an effort to get regulators around the world to harmonise their efforts at derivatives market standardisation. The principles include a call for greater flexibility on US swap execution facilities.
The UK’s new Payment Systems Regulator looks set to shake up the way the industry is structured, with reviews of the ownership of the infrastructure and of the way that indirect access is managed through sponsoring banks.
The inaugural meeting of the Open Forum on Pan-European Instant Payments drew 77 representatives from 55 payment service providers, technology providers and other stakeholders to Frankfurt this week to kick off discussions about requirements and collaboration on infrastructure services to support instant payments at a pan- European level.
Mobile wallet rivals for Apple Pay, including Samsung Pay and Google Inc.’s rumored Android Pay, may face another giant tech competitor. Microsoft Corp.’s latest moves suggest it may brand its own mobile payments service, too.
Consumers in Asia-Pacific are taking to contactless payments in a big way, with the number of unique contactless users in 2014 up by 49 percent, compared with the previous year, according to MasterCard.
Ubiquity Global Services has announced that payments veteran Jonathan Weiner has joined its board of directors. Weiner is founder and co-chairman of Money20/20 and former global head of payments business development at Google.
Users of Vodafone’s mobile wallet soon will be able to make NFC in-store purchases via a linked bank-issued Visa credit or debit card after the telecom operator struck new deals with Visa and Carta Worldwide.
Following last week’s Optimal Payments purchase of Skrill for $1.2 billion, another $1 billion-plus will change hands in two more acquisitions that will have global implications for the payments companies involved.
Banks need to recognise that building a wall to keep cyber security threats out will not work. With breaches from both sides of the wall inevitable, financial institutions would do better to pare down their activities and focus on defending their core assets – including intellectual property and transactional systems.
Google is working on developing a Gmail-based bill payment service called Pony Express, which could roll out as early as the fourth quarter.
As retailers prepare for the year’s second-largest shopping season—Mother’s Day, Father’s Day and graduations—First Data research from the 2014 holiday season can help retailers drive gift card sales.
Ingo Money’s purchase of Fuze Network Inc.—a payments technology provider enabling loads to more than 1 billion payment cards at thousands of retail networks—closed last month.
More than half (51 percent) of mobile banking users in the U.S. had deposited a check using their mobile phones last year, up from 38 percent in 2013, according to the Federal Reserve’s latest study, “Consumers and Mobile Financial Services 2015.”
Germany’s Deutsche Börse and China Construction Bank have entered into a strategic partnership and have signed a ‘preferred partnership’ agreement under which they will explore the opportunities for more cooperation.
New Canadian exchange Aequitas NEO has gone live for the first time, using the MillenniumIT trading platform built by the London Stock Exchange’s Sri Lanka-based subsidiary.
Hong Kong’s share of the international Renminbi market has fallen over the past two years as other countries increase their share, which now stands at 25% compared to 17% in February 2013
Optimism among UK financial services firms rose strongly in the three months to March and profitability improved in most sectors, according to the latest quarterly CBI/PwC Financial Services Survey, but despite overall business volumes continuing to increase, the pace of growth was the slowest in a year
Host card emulation specialist Bell ID is enabling the launch of ANZ New Zealand’s upgraded goMoney mobile app, which is set to feature a cloud-based HCE NFC mobile wallet. The project, for the New Zealand division of ANZ Bank, will bring contactless mobile payments to the smartphones of more than 120,000 ANZ customers. The ANZ […]
Despite rapid increases in innovation spending in financial services, many banks are still worried that it is taking too long to roll out new technologies – and that their own fragmented organisation is getting in the way, according to a new report by Accenture.
Russian investment banking firm BCS Financial Group says using IBM Commerce to create and manage personalised marketing campaigns has increased cross sales of its online trading, brokerage, and investment strategy consulting services have increased by 20% in six months.
Gaps in merchant readiness for the U.S. EMV migration may cause banks to move more slowly in issuing new credit and debit cards equipped with EMV chips, a new study from Auriemma Consulting Group suggests.
An industry group is calling 2015 the “year of the prepaid economy” in the U.K., as consumers there increasingly adopt prepaid cards for everyday spending, online shopping and transit.
U.K.-based Monitise plc is no longer for sale.
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
Long-term investors are deeply concerned about their ability to find liquidity, with nearly 90% afraid that predatory high-frequency traders are preying on their flows, according to a new survey by block-trading network Liquidnet.