Consumer Reports Names Best Prepaid Cards (Nov. 12, 2014)
On the eve of the CFPB’s field hearing on GPR cards (and the rumored release of its GPR notice of proposed rulemaking), Consumer Reports has named the “best” GPR prepaid cards.
News
InteliSpend Expands Cashback Prepaid Incentive Cards to Discover, MasterCard (Nov. 12, 2014)
InteliSpend Prepaid Solutions is expanding its Paybefore Award-winning cashback program for prepaid incentive cards to the Discover and MasterCard networks, the Fenton, Mo.-based firm announced today.
Square’s New Reader Accepts EMV Chip Cards (Nov. 12, 2014)
Square, considered by many to be a trailblazer in the arena of mobile card readers that plug into smartphones, today has announced the San Francisco-based company is accepting pre-orders from U.S. merchants on a new Square reader that accepts EMV chip cards.
CFPB Field Hearing: Reg. E Error Resolution Is Everyone’s Business
If you’re a third-party service provider to prepaid issuers, don’t overlook your Regulation E error resolution
responsibilities. Here are five topics to think about.
Capital markets firms “woefully” underestimate IT costs
Capital markets firms often have little idea how much they are spending on technology and even less control, according to a new report by Tabb Group and Thomson Reuters. The report’s authors call for greater emphasis on data, which could help to save the half a million dollars per front office employee spent on technology every year.
People on the Move: Patrick Murck, The Bitcoin Foundation
The Bitcoin Foundation, a nonprofit institution founded to promote bitcoin use, has appointed Patrick Murck executive director.
People on the Move: Neil Steinhardt, ClassWallet
ClassWallet has appointed Neil Steinhardt senior vice president.
People on the Move: Gary Norcross and Frank Martire, FIS
Payment technology supplier FIS has appointed Gary Norcross president and CEO, effective Jan. 1, 2015. Frank Martire, who has served as the company’s CEO for five years, will assume the role of executive chairman.
People on the Move: Bonnie Boezeman, IP Payments Board of Directors
IP Payments Pty. Ltd. has appointed Bonnie Boezeman chairperson of its board of directors.
People on the Move: Terresa Patton, IQR Consulting
IQR Consulting has hired Terresa Patton as business development director to support the company’s analytics division.
Company on the Move: Meta Financial Group Inc., Bank Director Magazine Ranking
Meta Financial Group Inc., has been recognized in Bank Director Magazine’s 2014 Bank Performance Scorecard as earning the highest ranking among peers in South Dakota with an asset range of $1 billion to $5 billion.
People on the Move: Jeff Weikert and Fran Duggan, Payveris
Payveris, an online and mobile payments company, has appointed Jeff Weikert president. Fran Duggan the founder and president of Payveris is moving to the newly created role of chief operating officer.
People on the Move: Beverly Cole, Seamless
Stockholm-based Seamless, developer of the mobile payment solution SEQR, has hired Beverly Cole as its U.S head of sales
The Bancorp Opens Office to Industry Reps Attending CFPB Field Hearing (Nov. 11, 2014)
The Bancorp is inviting all industry representatives traveling to the CFPB field hearing on Thursday to use its complimentary workspace, which it created to make the trip more convenient and collaborative.
Skrill, Microsoft Expand Access to E-Commerce in Africa (Nov. 11, 2014)
Skrill, provider of online payment technologies to merchants and consumers, and Microsoft4Afrika, an initiative launched last year to help accelerate Africa’s economic development and to improve its global competitiveness, together are launching an e-commerce portal enabling Africans to use their mobile wallets to buy from global Internet brands, access free educational content and use Microsoft software.
Treasury, FinCEN Seek Balance between Doing Business and Compliance (Nov. 11, 2014)
The U.S. Treasury and FinCen are addressing the importance of money services businesses (MSBs) to the financial system in the wake of reports that banks are refusing to do business with categories of companies, such as remittance companies and check cashers, because of the perceived risk of doing business with them following government agencies’ aggressive efforts in fighting money laundering.
CARTES Execs: Forecast Bright for NFC, Wearables; Consumer ‘Trust Is a Must’
Payments industry executives at the CARTES Secure Connexions conference in Paris last week were bullish about NFC’s future in mobile payments, but most agreed banks and merchants still face plenty of challenges in crafting their individual mobile strategies.
China opens up A-shares market as RMB gains traction
A landmark deal between China’s Hong Kong and Shanghai stock exchanges is set to open up unrestricted access to the China A-shares market to foreign investors for the first time, starting this month. The deal also reflects the rising internationalisation of the Chinese renminbi currency worldwide.
Amex, Brooklyn Nets Testing M-Payments at Basketball Games (Nov. 10, 2014)
Brooklyn Nets basketball fans can use their smartphones to purchase refreshments at the Barclays Center as part of a pilot program for the Brooklyn eWallet by American Express, the Barclays Center and the Nets.
Fiserv Unveils the NOW Network (Nov. 10, 2014)
As payment options multiply, Fiserv Inc. wants financial institutions to be able to serve their customers no matter how or when they want to pay.
Payment Execs: Consumers Aren’t Compelled Yet to Change How They Pay (Nov. 10, 2014)
One of the biggest obstacles to consumer adoption of NFC- and EMV-enabled mobile payments over the next 12 months is the lack of a compelling enough reason for consumers to change how they pay, according to a recent survey of payment executives.
M&A News: Heartland Acquires XPIENT Solutions; JetPay Buys ACI Merchant Systems (Nov. 10, 2014)
In the past few days, payments processor Heartland Payment Systems has acquired XPIENT Solutions, a food-service industry POS software provider; and JetPay Corp., a provider of prepaid card services, debit and credit card processing and payroll services, acquired ACI Merchant Systems LLC, a debit and credit card processing company.
CFPB Sets Location for Prepaid Hearing Thursday and Paybefore will Be There (Nov. 10, 2014)
The time, date and location have been set for the CFPB’s field hearing on prepaid cards this week. The hearing is scheduled for 11 a.m. EST, Thursday, in the conference center at Delaware Technical Community College, 333 N. Shipley Street, Wilmington, Del. Paybefore CEO Marilyn Bochicchio will be in attendance to report on the hearing.
Deutsche Bank hires Salesforce chief scientist for new data role
JP Rangaswami has been appointed as chief data officer at Deutsche Bank, a newly-created role in which he will “play a key role in standardising the bank’s processes, tools and governance around information and in supporting its digital strategy”.
FSB ‘too big to fail’ proposals welcomed by industry
The Financial Stability Board is proposing a new minimum standard for total loss-absorbing capacity, which is designed to provide confidence that systemically important global banks can absorb losses without upsetting financial stability and the wider economy.
Standard Chartered and Clearstream prepare to launch Singapore collateral service
Standard Chartered and Clearstream have implemented a new service to help customers in Singapore make more efficient use of collateral, as tough new financial regulations drive investor fears of an impending collateral shortfall.
Money 20/20: Mobile Solutions Help SMBs Harness Big Data (Nov. 6, 2014)
The current boom in mobile commerce technologies is giving small and medium businesses an array of powerful new tools with which to manage payments—and beyond.
CARTES Paris Showcases Payments Industry’s Diversification (Nov. 6, 2014)
Attendees at the 29th gathering of CARTES concluding today in Paris noticed the event’s growing emphasis on mobile payments, as well as another striking feature of the show—drawing 20,000 attendees from 140 countries—is the diversity of products and business models mobile payments support.
Merchant Associations Urge Passage of Breach Notification Legislation (Nov. 6, 2014)
A group of state and national merchant associations, 44 in all, sent a letter to congressional leaders today calling for the establishment of a single, national standard for notifying American consumers when businesses suffer a breach of security involving financial data or other sensitive personal information.
Banks should go digital says Monitise
The time is right for a new breed of digital-only banks to enter the market and steal away share from the established players, according to a new report by Monitise.
IT skill shortage boost salaries as demand picks up
The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas. Cyber-security, big data, business intelligence and application development skills are all in demand.
Customer Not Present threat prompts response from US providers
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
Optimal Payments launches e-commerce acceptance service for merchants
Online payments provider Optimal Payments has launched a new online checkout page, designed to help e-commerce merchants with indemnified alternative payments.
MasterCard Exec at CARTES: EMV Migration + NFC Handsets = Innovation Explosion (Nov. 5, 2014)
The U.S. EMV migration couldn’t come at a better time, according to executives discussing chip cards on a panel at CARTES in Paris.
First Data Adds to Clover Family with Mobile POS Device (Nov. 5, 2014)
First Data Corp. is testing Clover Mobile, a hand-held mobile POS device, enabling small to midsize businesses to provide quicker service and sales, as well as improved customer engagement, by taking the POS terminal off the counter and bringing it to the consumer.
Money20/20: Biometrics Gets Apple Pay Boost; Is Cloud Storage Next? (Nov. 5, 2014)
Apple Pay’s potential to change the game for NFC payments has been one of the dominant themes at the Money20/20 conference in Las Vegas this week. But the service—which uses the iPhone’s TouchID fingerprint sensor to validate users—also represents a major milestone for biometric authentication.
Diebold unveils concept banking “experience” at Money20/20
ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.
Don’t neglect social media and tablets, banks warned
Banks will be judged on how well they provide mobile services and social media interaction in the coming years. Instead of being just another channel, these forms will be the first point of contact for customers, according to a new report by analyst firm Celent.
Biometric alternatives to the fore at Money20/20
Biometric identity verification mechanisms were prominent among the raft of new product announcements at the Money20/20 event in Las Vegas, which opened this week.
Money 20/20: Visa’s McInerney on Personalizing the Buying Experience with Mobile (Nov. 4, 2014)
When one thinks of cutting-edge mobile commerce, a butcher shop in the 1980s isn’t likely the first image that comes to mind. But that was the connection made by Visa Inc. President Ryan McInerney, to illustrate what he views as one of the key ways in which mobile has the power to transform commerce—namely, by bringing personalization back to the shopping experience.
