Shortly after Softcard unveiled Tappy, a puppet starring in a campaign to educate consumers about Softcard and mobile payments, the NFC-based mobile payment initiative backed by AT&T Mobility, Verizon Wireless and T-Mobile has laid off approximately 60 employees.
Comments are due Feb. 9, 2015, for a multisite program the CFPB plans to launch early this year to provide one-on-one and group financial counseling to individuals with disabilities transitioning into the workplace or who already are employed.
London-based financial services professionals moving to new jobs in 2014 boosted their salaries by an average of 18% – and an increasing number of people did so, with year-on-year figures showing a 51% increase in people looking for new positions. But gloomy economic forecasts, combined with the seasonal drop in hiring over the Christmas period suggest that firms have postponed major hires to the current quarter.
Jan Verplancke is stepping down as chief information officer and group head of technology and operations at Standard Chartered, as is Richard Goulding, chief risk officer. The news of their departure comes as the banks announced further restructuring, including the closure of its institutional cash equities, equity research and equity capital markets businesses as part of a strategic plan to ditch “non-core or underperforming businesses”.
Switzerland’s SIX Payment Services has begun distributing the country’s first contactless debit cards, through a partnership with local bank Hypothekarbank Lenzburg, based in Aargau. The project, which began in December, replaces the bank’s entire portfolio of 22,000 debit cards with dual interface V PAY cards that enable contactless and regular transactions.
US exchange BATS Global Markets is calling for an 80% reduction in access fees to the US stock market’s most liquid securities, on grounds that nearly a billion dollars in fees could be slashed without adversely affecting the market. In an open letter to the industry, the exchange also rejected what it calls a “grand compromise” on exchange fees and called for greater transparency and the avoidance of anti-competitive rules.
Nearly 200 ATMs in the Chicago area are going cardless under a new initiative from Wintrust Financial and FIS.
Nine banks in Poland are preparing to launch mobile payments services via host card emulation (HCE) technology early this year, according to Visa Europe.
Seven startup financial services companies have been chosen by the FinTech Innovation Lab London, which returns to the city for its third year running. Candidates include a web-based program for real-time geopolitical risk assessment, tools that help small business owners manage their finances and faster data exchange and reconciliation technologies.
The U.S. Supreme Court has scheduled a conference this Friday to determine whether it will grant certiorari and move forward with oral arguments in NACS v. Board of Governors of the Federal Reserve System, which pertains to debit interchange fees and network routing requirements.
The FDIC has issued guidance to promote consistency by insured depository institutions in identifying, accepting and reporting brokered deposits. The guidance, which is in the form of “frequently asked questions,” addresses prepaid cards.
Payment processor i2c Inc., and Melbourne, Australia-based program manager Corporate Prepaid Solutions (CPS) have launched the Visa-branded uChoose corporate rewards gift card in Australia, setting the stage for global collaboration on additional corporate prepaid programs.
Several major British banks reportedly are in negotiations with Apple to bring the tech giant’s Apple Pay service to the U.K. before the midway point of this year.
Derivatives market participants are concerned about the impact of new margin requirements for non-cleared derivatives under Basel III, with a large number unsure whether they will even have to comply with the rules, according to new survey published today by the International Swaps and Derivatives Association.
The NBPCA and the Electronic Transactions Association (ETA), the global trade association representing the payments technology industry, submitted a joint letter today requesting a 60-day extension to the comment period for the CFPB’s NPRM on prepaid.
The start of a New Year also brings a new EU law into effect that’s intended to stop companies from undercutting their competition by setting up in low-tax countries. However, the law also could increase the tax on purchases of digital content like mobile applications, music downloads and e-books.
Bookmark our 2014 year in review for easy reference as you make plans and set strategy for the New Year.
Drivers soon will be able to pay with Apple Pay when filling up at Chevron stations, now that the fuel chain has announced plans to integrate the contactless payment system into its pumps.
The payments industry has two dates quickly approaching regarding NPRMs and their respective comment periods, which already have begun.
Digital and alternative currencies, including Bitcoin, can now be used for transactions in California, following the implementation of bill AB129 on 1 January 2015. The new bill is a step forward for cryptocurrencies which have faced tough opposition and scrutiny from global regulators. However, serious doubts about the safety of digital currencies have been voiced by banks.
With much of the holiday revelry come and gone, the payments industry must refocus on two important NPRMs and their respective comment periods, which already have begun.
Dublin-based 3V Transaction Services Ltd., which specializes in issuing, processing and management of prepaid card programs, will be the foundation of a new issuing division of SafeCharge, which acquired the technology provider for €14.5 million (US$17.4 million).
As you get back to business in 2015, bookmark this catalog of the biggest stories from the past 12 months as well as insights into the future of payments in the New Year.
The big four high street banks lost ground in the current account market in the first year of the UK Payments Council’s current account switching service, mainly through poor customer service. But the guarantee did not accelerate the pace of account switching, according to an independent survey of bank customers.
This quick reference guide provides a snapshot of our interviews with the Movers and Shakers of 2014, including key insight into what’s ahead for payments in the New Year.
The National Technical Information Service (NTIS) is expected to publish tomorrow its NPRM in the Federal Register that would create a certification program to replace the temporary certification program in place now for access to the Death Master File (DMF).
Seven of every 10 shoppers plan to buy gift cards this holiday season and, among them, 92 percent of shoppers plan to spend either the same amount or more on gift cards than they spent last year, according to an interim holiday spending report by Stored Value Solutions (SVS).
Chinese e-commerce giant Alibaba Group and Japanese telecom and Internet firm Softbank are in the midst of preliminary talks to work together, instead of compete, to capture a sizable chunk of India’s consumer Internet market, according to a report.
Mike Cahill has returned to carrier billing specialist Boku Inc. as chief technology officer.
Littleton, Colo.-based card producer CPI Card Group has received the Center of Excellence award for the second consecutive year at the Smart Card Alliance’s annual member meeting.
Fiserv Inc., a global provider of financial services technology solutions, has received awards in two categories at the Banking Technology Awards, held in London.
The Members Group (TMG) has announced the addition of several directors, each of whom brings extensive financial services experience to the Des Moines, Iowa-based payments processor.
The CFPB’s NPRM on prepaid accounts is scheduled to be published in the Federal Register tomorrow.
The N.J. General Assembly last week approved by a vote of 73-1 the ZIP code repeal bill (A-3480), which eliminates the collection of consumer ZIP code information for gift cards at the POS.
The mobile payments piece of Starbucks’ partnership with Square has ended.
Industry experts earlier this year predicted abundant M&A activity in the payments industry, and they are being proved correct right to the very end of 2014.
Firms that excel at data analytics also achieve better financial results according a study by EY. High-growth companies are twice as likely to focus on data and analytics in revenue-generating areas such as marketing and sales,
Members of the Economic and Monetary Affairs Committee and European Union Council negotiators yesterday agreed to cap the interchange fees on cross-border and domestic card-based payments, ensuring uniform rules across the EU.
Store openings on Thanksgiving Day and the typical headline-seeking weekend deals by retailers helped somewhat during the traditional kickoff to the holiday shopping season this year.
Transit systems throughout the world continue to adopt electronic payment systems—the latest among them Toronto and Indonesian province Jakarta.
