People on the Move: Christopher Russell, Skrill
Skrill, provider of online payment technologies to merchants and consumers, has appointed Christopher Russell CEO of Skrill USA Inc.
News
Consumers Soon Can Use Softcard to do Laundry (Oct. 1, 2014)
Softcard has extended its reach to the self-serve laundry business.
Report: Emerging Markets Driving Noncash Payment Growth (Oct. 1, 2014)
Noncash payments are estimated to have increased by 9.4 percent last year, reaching 366 billion transactions, according to a new report from Capgemini and Royal Bank of Scotland.
Data Breach Hits Sandwich Chain, Mom-and-Pop Restaurants (Oct. 1, 2014)
Large retailers and financial institutions aren’t the only victims of fraudsters on the prowl for payment card data.
DTCC-Euroclear move on global collateral processing
The Depository Trust & Clearing Corporation (DTCC) and Euroclear have taken the first steps towards the creation of a global collateral processing utility with the announcement that they plan to create a UK-based joint venture, DTCC-Euroclear Global Collateral.
Banco Macro opts for cloud
Argentina’s Banco Macro will use the Mambu cloud as the basis for a new business unit, which will offer loans to micro-enterprises and small businesses. The aim is to provide a lifeline to areas that have historically lacked access to financial services.
Federal Reserve says faster payments “must be addressed” to meet growing customer demand
The US Federal Reserve Banks have begun planning for a faster payments system in the US, following research that found US consumers favoured such a system and would be willing to pay more for it.
PayPal, eBay Going Their Own Ways; Becoming Independent, Publicly Traded Companies (Sept. 30, 2014)
eBay Inc.’s board of directors will separate the online auction Website from subsidiary PayPal next year, making two independent, publicly traded companies.
Card Compliant Granted Patent on Escheat Management, Breakage, Revenue Recognition Platform (Sept. 30, 2014)
Technologies from Card Compliant aim to help prepaid issuers manage the regulatory and compliance challenges presented by accounting standards and escheatment requirements.
InComm Joins MCX Fold (Sept. 30, 2014)
Prepaid product and technology provider InComm has partnered with Merchant Customer Exchange (MCX), the retailer-led consortium that recently unveiled its new mobile payments network, CurrentC.
Cachet Financial Integrates Ingo Money Check Guarantee Services for Banks, Credit Unions (Sept. 30, 2014)
Minneapolis-based remote deposit capture specialist Cachet Financial Solutions has expanded its partnership with Ingo Money Inc.
Work as one to rise above geopolitics, industry urged
The financial industry must work with regulators, market infrastructures and among itself to address the major issues it faces says Jamie Forese, co-president of Citi and chief executive of Citi Institutional Clients Group, during the opening plenary address at Sibos in Boston: “Perhaps the most important issue on which we must work together is encouraging regulators to build a coherent, consistent and unified regime of global financial regulation. We can’t build it ourselves; our role must be as advocates and as advocates we need to speak with one clear and consistent voice.”
EU Lawmakers Propose Tighter Regulations for Mobile Wallets (Sept. 29, 2014)
The Presidency of the Council of Ministers, the European Union law-making body, has recommended tightening regulations regarding customer authentication and protection of sensitive payment data related to mobile wallets, according to its recently released proposal of the revised Payment Services Directive.
Emerchants Acquires Store Financial UK Arm for $21.7 Million (Sept. 29, 2014)
Australian prepaid provider Emerchants Ltd. has made a bold move into the European market, acquiring Store Financial Services UK for AUS$24.9 million (US$21.7 million).
Bitcoin: Currency or Commodity? (Sept. 29, 2014)
The U.S. Commodity Futures Trading Commission will hold a public meeting next week to discuss Bitcoin and the CFTC’s jurisdiction regarding derivatives contracts that reference the decentralized digital currency.
Banking Technology Awards 2014 – shortlist announced
Banks from as far afield as Brazil, New Zealand and Singapore are among the candidates on the shortlist for the Banking Technology 2014 Awards, announced today, showing the continuing competitive edge regional institutions are gaining over the large international players through technology.
Top frontier markets lure investors with promising returns reports Aite
A sustained rally in frontier markets is leading an expansion of size and liquidity as investors seek opportunities that are not available in the developed or emerging markets, according to a new report by research house Aite.
Blackhawk Network Acquiring Parago for $290M (Sept. 25, 2014)
Blackhawk Network (NASDAQ: HAWK and HAWKB) today announced it’s acquiring Dallas-based consumer incentives firm Parago Inc., continuing an acquisition streak that’s advancing the prepaid and payments network’s reach into new markets within the corporate and consumer incentive space.
Green Dot Launches GoBank Checking Account Exclusively at Walmart (Sept. 25, 2014)
Green Dot Corp. (NYSE: GDOT) reinforced its position yesterday as a full-service financial products and services provider with the announcement of a nationwide rollout of GoBank, a checking account product available exclusively at U.S. Walmart stores.
Show the Industry You’re a Winner; Submit Nominations for the 2015 Paybefore Awards (Sept. 24, 2014)
It’s time to pick your categories to win in Paybefore Awards 2015.
Visa Boosts Technology Strategy with Recruitment, Tech Facility (Sept. 25, 2014)
Visa Inc. is bolstering its technology resources by creating 2,000 full-time technologist positions and opening a technology development center in India next year.
MPIW Backs Tokenization, Calls for Coordination (Sept 25, 2014)
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.
Clinkle a Clunker? (Sept. 25, 2014)
After three years in “stealth mode”—and $30 million in venture funding—once-hot mobile payments startup Clinkle has finally launched, but with a drastically scaled back platform.
GAO: CFPB’s Data Collection Security Procedures Need Improvement (Sept. 25, 2014)
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.
ICICI Bank unveils Indian mobile app quartet
India’s ICICI Bank has launched four new mobile banking apps, as part of a drive to adopt digital channels and spread into India’s vast rural hinterland.
SIX Securities Services and Euroclear Bank alliance targets Swiss private banks
Swiss post-trade company SIX Securities Services has allied with Belgium’s Euroclear Bank in a deal aimed at Swiss private banks and their high net worth customers.
SEC beefs up surveillance as Barclays probe results in $72 million fine
The Securities and Exchange Commission has stepped up its drive to monitor and enforce the financial markets by implementing new surveillance tools to examine and inspect reconciliations. The deal comes as the US regulator charges Barclays with failing to build adequate compliance systems and the bank suffers a fine in the UK.
60 Minutes Skewers ‘Gov’t Bureaucracy’ on Tax Refund Fraud; Highlights Role of Prepaid (Sept. 23, 2014)
If you were watching 60 Minutes on Sunday night, your heart probably stopped during the story on “The Tax Refund Scam.”
Citi Mobile Challenge Launches to Fuel Innovation (Sept. 23, 2014)
Citi this week launched Citi Mobile Challenge, a global competition to facilitate new concepts among technology developers surrounding mobile banking and payments.
E-Payments Surge in Nigeria, but Challenges Remain (Sept. 23, 2014)
Electronic payments are growing fast in Nigeria, with the total volume of e-payments reaching a new high of N10.85 trillion (US$ 62.2 billion) in 2013, according to data from the country’s central bank.
Better use of data is route to new revenue says EFMA report
Banks should focus their efforts on using data to provide better services to merchants, retail customers and other businesses – and they can build a more efficient business, according to a new report by Kurt Salmon and the European Financial Management and Marketing Association.
Citi seeks developers in global mobile banking challenge
Citi has launched a global mobile challenge that it says will help to inspire technology developers to reimagine mobile banking and payments. The bank plans to host a series of events in Miami, New York and Silicon Valley in November, after which finalists will get the chance to bring their product to market with help from Citi.
LME Clear opens for business
The London Metal Exchange has launched its new clearinghouse LME Clear. Built by vendor Cinnober, the system is an important plank of the exchange’s ambitions, which have become more grandiose following its takeover by Hong Kong Exchanges and Clearing at the beginning of 2013.
‘Banking’ the Unbanked with Direct Express (Sept. 22, 2014)
The U.S. Department of the Treasury’s Direct Express Debit MasterCard program now serves nearly one-quarter of the nation’s entire unbanked population, a recent cardholder survey confirms.
Canada’s Supreme Court Raises BIG Federal Preemption Issue (Sept. 22, 2014)
Did Canada’s Supreme Court just create a significant regulatory issue for the country’s prepaid issuers? According to at least one prominent Canadian attorney who’s following the court’s decisions, it appears quite possible—although more investigation is needed.
Alibaba Sets Record with $25 Billion IPO (Sept. 22, 2014)
Last week’s initial public offering of Chinese e-commerce giant Alibaba Group exceeded even the outsized expectations of most observers, raising $25 billion and setting a new world record for an IPO.
Home Depot Says 56 Million Cards at Risk, Eliminates Responsible Malware (Sept. 22, 2014)
After Home Depot confirmed earlier this month it was the victim of a customer data breach affecting shoppers at its U.S. and Canadian stores, the home improvement retailer confirmed late last week that as many as 56 million payment cards are at risk.
Russian Central Bank moves to restore trust as Swift rejects EU exclusion request
Russia’s Central Bank has revoked the licences of three banks as part of an effort to restore trust in the country’s banking system. The move comes as financial messaging network Swift stands defiant against a European Parliament resolution calling for the expulsion of Russia from the community.
BNP Paribas and SIX target Belgian payments “monopoly”
BNP Paribas and SIX Payment Services are planning to target merchants in Belgium with a new payments partnership, which they say will offer competition on payment terminals and acquiring services for the first time.
Citi launches Total Touch block trading app
Citi has launched an equity trading app called Total Touch, which it says will help make it easier for investors to execute block trades in the European market.
